The real estate division of TVS Motor Company, Emerald Haven Realty Ltd (TVS Emerald), has agreed to a term sheet with HDFC Capital Affordable Real Estate Fund-3 to establish a platform worth Rs. 1000 crore for projected development projects in Chennai and Bengaluru.

According to a news release from TVS Emerald's President and CEO, Sriram Iyer, the company has been developing and completing projects in Chennai for nearly 10 years. With the recent launch of TVS Emerald Jardin and many additional land purchases, the company has also joined the Bangalore market. “This is a strategic tie-up to grow our plotted development portfolio in the south markets.”

HDFC Capital, a division of Housing Development Finance Corporation Ltd., is the investment manager for the SEBI-registered Category II Alternative Investment Funds HDFC Capital Affordable Real Estate Fund 1, HDFC Capital Affordable Real Estate Fund 2, and HDFC Capital Affordable Real Estate Fund 3 Schemes 1 & 2. Together, these funds total $ 3.1 billion, which will be used to build inexpensive and middle-income housing in India.

According to Vipul Roongta, MD & CEO of HDFC Capital Advisors Limited, the company will continue to focus on satisfying the rising demand for plotted developments at reasonable costs through this platform with TVS Emerald.

See also:
HDFC Capital garners $376 million for affordable projects
HDFC Capital invests Rs 15.50 bn in SP Real Estate projects