TVS Emerald, the Real Estate Division of the TVS Group is entering Bengaluru residential market as a part of its plan to double the size of its portfolio in the next three years with an investment of more than Rs 1,000 crore.
The intended investment will see the Chennai-based company develop more than 4.9mn sq ft of residential properties in Chennai and Bengaluru. “The industry is witnessing an increase in demand for properties and this is a welcome sign for the real-estate sector, “said Sriram Iyer, President, TVS Emerald. “In the coming quarters, we have multiple launches lined up in Bengaluru and Chennai.”
The company will fund the development of mid-income homes, villas, and plotted development through a combination of equity and loans, said Iyer, who is also the CEO. “We have already sourced land to develop 600 apartments in Bengaluru. We expect a top line of Rs 500 crore from this project alone,” he said.
TVS Emerald is also actively looking to acquire land parcels across the southern markets to grow its residential business. “We are aggressively looking at sourcing land parcels in Chennai and Bengaluru and the focus is on the residential segment,” he said.
In Chennai, the company registered a booking of around Rs 100 crore, with 60% of the inventory sold at the launch of its upcoming first-ever resort-style villa property -TVS Emerald AARANYA- in Vengaivasal, near Medavakkam.