HDFC Property Fund today announced an investment of Rs 100 crore in Chennai-based realty developer TVH for its upcoming project in the city. "We have invested Rs 100 crore in this project.
We were not investing in these kind of projects some time back. Now, we are investing," HDFC Property Fund Managing Director and CEO K G Krishnamurthy told reporters.
HDFC Property Fund, part of the HDFC Group, has picked up 26 per cent stake in the special purpose vehicle -- Tharendra Infrastructure Private Ltd -- which is specially created for the project.
"This project is being developed in association with HDFC Property Fund," he said. Stating that the investment was one of the top-ranked exposures for HDFC Property, he said the company's biggest exposure was about Rs 500 crore that was invested in another project in Mumbai.
TVH Chairman N Ravichandran said the investment from HDFC Property Fund will be utilised for developing a township on 100 acres of land at Manivakkam, West Tambaram. "It (the project) will be developed in phases. In the first phase, we will be launching it as plotted development.
The next three phases will see the launch of row houses, villas and high rise apartments," he said. The plots will be sold in 600 sq ft, 1,200 sq ft and 2,400 sq ft at the rate of Rs 2,400 per sq ft, he added.
TVH expects to register a topline growth of Rs 600 crore in 2015-16 as compared to last year's Rs 440 crore, Ravichandran said.