Emerald Haven Realty Ltd (“TVS Emerald”) has signed a term sheet with HDFC Capital Affordable Real Estate Fund – 3 to create a Rs.1000 crore platform for plotted development in the Southern market.
The investment manager to the fund HDFC capital and Emerald will deploy capital across Chennai and Bangalore markets.
“TVS Emerald has been developing and delivering 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,” said Sriram Iyer, President & CEO.
TVS Emerald, an associate of TVS Motor, engaged in the business of developing sustainable residential projects and self-sustaining communities with presence in Chennai and Bengaluru. It 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 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,” said Vipul Roongta, MD & CEO, HDFC Capital Advisors Limited.
HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3) Schemes 1 & 2, 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.
In January, HDFC Capital, a subsidiary of India’s largest private sector mortgage lenderHDFC, has raised over $376 million or over 3,000 crores under the initial close of its second scheme of the HDFC Capital Affordable Real Estate Fund-3 (H-CARE 3).
The fund provides long-term, flexible funding across the life cycle of affordable and mid-income housing projects including early-stage funding. In addition, it will also invest in companies in the construction technology, fintech, sustainability-tech etc. engaged in the affordable housing.
The primary investor in H-CARE 3’s first and second schemes is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
