Emerald Haven Realty Ltd (TVS Emerald), the real estate arm of TVS Motor Company, plans a luxury residential project in Bengaluru as the company has bought its second land parcel that offers a development potential of Rs 400 crores.
Emerald has bought 1.14 acres of land in the Central Business District (CBD), the city centre and core commercial area of Bengaluru. The land parcel is located in a well-developed neighborhood. It is close to Richmond Circle and Cubbon Park, and easily accessible from MG Road.
The new project in CBD will cater to the uber-luxury residential segment. CBD is one of the preferred localities in Bengaluru with a growing demand for high-end residential spaces. This project is to be launched during the next fiscal.
The residential project will come up at a place that is strategically located close to Richmond Circle with good connectivity to UB city, MG road, Residency Road and Church Street. The locality offers a well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity, it said.
“While housing prices in Bengaluru increased 6% y-o-y after remaining rangebound for the last two years, unsold inventory witnessed a sharp decline during Q3-2022, dropping by 14% y-o-y (Pan India unsold inventory increased 3%y-o-y).
“Amid high inclination towards homeownership and higher disposable income, demand for large spaces and self-sustained properties is rising. During Q3-2022, unsold inventory dropped 34% compared with Q3-2019 levels, said CREDAI Colliers Liases Foras Housing Price-Tracker Report 2022.
During the first half of this fiscal, 24,195 homes were sold for a total value of ?17,651 crores as compared with 12,110 homes sold at a total value of ? 8,218 crores during the year-ago period, an increase of 115 percent, according to Anarock Property Consultants.
