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HDFC Capital, in a joint initiative with Emerald Haven Realty (known as TVS Emerald), is set to finalize three major land transactions, spanning over 45 acres in the burgeoning residential zones of Chennai and Bengaluru. These parcels will serve as foundational assets for their recently established platform, dedicated to plotted and low-rise property development across South India.
Earlier in March, the real estate branch of TVS Group entered an agreement with HDFC Capital Affordable Real Estate Fund-3, leading to the creation of this collaborative platform. The alliance has now set in motion an ambitious plan: launching residential projects covering a total of 250 acres in South India's prime property markets. These endeavours are projected to yield over 5 million sq ft of plotted and low-rise constructions.
HDFC Capital, earlier this year in January, garnered a substantial $376 million, equivalent to over 3,000 crores, from the early closing of its HDFC Capital Affordable Real Estate Fund-3 (H-CARE 3). Registered with SEBI as a Category II Alternative Investment Fund, H-CARE 3 collectively forms a colossal $3.1 billion platform, concentrating on crafting affordable to mid-tier housing across India.
TVS Emerald, affiliated with the TVS Motor Company, specializes in developing eco-friendly residential projects and self-contained communities, primarily in Chennai and Bengaluru. Their impressive portfolio includes approximately 2.4 million sq ft of residential properties in Chennai and ongoing projects exceeding 6.25 million sq ft.
The post-Covid19 era has witnessed a surge in demand for plotted developments and standalone houses, as preferences tilt towards more personalized spaces. This shift has propelled reputed developers to enter this sphere, promising enhanced transparency and enriched choices for potential homeowners. Consequently, peripheral regions of top-tier cities and picturesque spots near metropolitan areas are experiencing a boom in plotted development and vacation home ventures.
Esteemed developers and corporate giants such as Mahindra Lifespaces, The House of Abhinandan Lodha, TVS Group, Hiranandani Group, and Arvind Smartsapces are actively embracing this evolving trend. The real estate landscape, which once witnessed the dominance of smaller developers, is undergoing a significant transformation. The infusion of seasoned developers and institutional investors is sculpting a more structured and organized framework.
In conclusion, As South India's property market continues to flourish, collaborations like the one between HDFC Capital and TVS Emerald promise a well-structured, transparent, and quality-driven real estate future for potential homeowners.
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