Emerald Haven Realty (TVS Emerald), has signed a term sheet with HDFC Capital Affordable Real Estate Fund – 3, acting through its investment manager HDFC Capital Advisors, to create a Rs 1,000 crore platform for plotted development projects across Chennai and Bengaluru.
Sriram Iyer, President & CEO of the company said, “This is a strategic tie-up to grow our plotted development portfolio in the South markets.”
Vipul Roongta, MD & CEO, HDFC Capital Advisors said, Through our platform with TVS Emerald, we will continue our focus on meeting the increasing demand for high-quality plotted developments at affordable prices.”
TVS Emerald 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.
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.
