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TVS Emerald, a real estate development company based in India, has signed a term sheet with HDFC Capital Affordable Real Estate Fund – 3 to create a platform for plotted development projects across Chennai and Bengaluru. The platform, which is worth Rs 1,000 crore, will focus on meeting the growing demand for high-quality plotted developments at affordable prices.
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.
Sriram Iyer, the President & CEO of TVS Emerald, described the collaboration with HDFC Capital as a strategic tie-up to grow the company's plotted development portfolio in the South markets. 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.
The Indian real estate market is one of the fastest-growing markets in the world, with a huge demand for affordable housing. According to a report by the National Real Estate Development Council (NAREDCO), the Indian real estate sector is expected to reach a market size of US$ 1 trillion by 2030. The report also highlights that affordable housing is one of the key drivers of growth in the sector.
Plotted development refers to the development of land into plots that can be sold to individual buyers who can then build their homes on them. This type of development has become increasingly popular in India due to the growing demand for affordable housing. The main advantage of plotted development is that it allows buyers to own land at a lower cost and build their homes according to their own preferences.
The collaboration between TVS Emerald and HDFC Capital is expected to create a significant impact on the real estate market in Chennai and Bengaluru. The platform will enable the development of high-quality plotted developments at affordable prices, which will attract more buyers and investors to the market. The collaboration will also create new job opportunities and contribute to the overall economic growth of the region.
In conclusion, the collaboration between TVS Emerald and HDFC Capital is a strategic move that will benefit both companies and the real estate market in India. The platform for plotted development projects will provide affordable housing solutions to buyers in Chennai and Bengaluru and contribute to the growth of the sector. The Indian real estate market is expected to grow significantly in the coming years, and this collaboration is a step in the right direction to meet the growing demand for affordable housing.
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