Wednesday, March 29, 2023

TVS Emerald And HDFC Capital Create A Rs.1000 Crore Platform For Plotted Development Projects

Emerald Haven Realty Ltd (“TVS Emerald”), has signed a term sheet with HDFC Capital Affordable Real Estate Fund – 3 (acting through its investment manager HDFC Capital Advisors Limited), to create a Rs.1000 crore platform for plotted development projects across Chennai and Bangalore.

Mr. Sriram Iyer, President & CEO, said, “TVS Emerald has been developing and delivering state-of-the-art projects in Chennai for close to ten years and has entered the Bangalore market with the recent launch of TVS Emerald Jardin and several new land acquisitions. This is a strategic tie-up to grow our plotted development portfolio in the South markets."

Mr. Vipul Roongta, MD & CEO, HDFC Capital Advisors Limited, said, “HDFC Capital is committed to partnerships with trusted real estate brands with a strong track record of development and delivery. Through our platform with TVS Emerald, we will continue our focus on meeting the increasing demand for high-quality plotted developments at affordable prices.”

About Emerald Haven Realty Limited (TVS Emerald):

TVS Emerald, an associate of TVS Motor, is engaged in the business of developing sustainable residential projects and self-sustaining communities with presence in Chennai and Bengaluru.

TVS Emerald brings the foundation of Trust, Value and Service and has delivered about 2.4 million sq.ft of residential developments in Chennai and has over 6.25 million sq.ft of under development projects.

About HDFC Capital Advisors Limited:

HDFC Capital, a subsidiary of Housing Development Finance Corporation Ltd, is the real estate private equity arm of HDFC Group. HDFC Capital is aligned with the Government of India’s ‘Housing for All’ initiative and is focused on financing the development of affordable and mid-income homes in a sustainable manner. HDFC Capital also seeks to promote innovation and the adoption of new technologies within the real estate sector by investing in and partnering with technology companies.

HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3) Schemes 1 & 2, which are registered with SEBI as a Category II Alternative Investment Funds. These funds combine to create a US$ 3.1 billion platform targeting the development of affordable and mid-income housing in India.

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