True value homes received Rs 100 crore investment from HIREF-HDFC
HIREF-HDFC invested Rs 100 crore in Titanium City Project of True Value Homes. Development of the project will get started in November at Manivakkam, West Tambaram, which is near Chennai. HIREF-HDFC international Realty Fund is a real estate private equity fund with focus on international investors.
TVH real estate has proposed a special purpose vehicle for this project which is known as Tharendra Infrastructure Pvt. Ltd., where 26% equity belongs to HIREF-HDFC.
The Managing Director and CEO of HDFC, K. G. Krishnamurthy mentioned that this investment was their second investment in plot-layout, with first investment made in a project based in Pune.
True Value Homes owner, N. Ravichandran said, “We get involved in these projects right from land acquisition stage. Out of the planned offshore investment of $350 million in the second fund, we have already committed $320 million in various projects spread across New Delhi, Pune and Mumbai.”
He also mentioned that the new township will be developed in four phases, with the first phase set to have 25 acres of plotted development. The next three phases will see the launch of row houses, villas, apartments and commercial developments.
In the first phase, plots of different dimensions are offered at a price ranging from Rs.2,400 to Rs.3,000 sq.ft. It was expected to complete all the four phases in five years. The property developer has already obtained necessary clearances, he said.
- Previous Punj Lloyd bagged an EPCC contract from Indian Oil Corporation
- Next Heritage Foods consolidated Sep ’15 sales