HDFC Property Fund Invests Rs 100 Crore In Chennai Realty Firm

HDFC Group has announced an investment of Rs 100 crore in Chennai-based realty firm TVH for its impending project in the city. HDFC Property Fund, an arm of HDFC Group, has picked up a 26 per cent stake in the special purpose vehicle – Tharendra Infrastructure Private Ltd which has been particularly formed for the project.

HDFC Property Fund managing director and CEO K G Krishnamurthy told reporters “this project is being developed in association with TVH. The investment is one of the top-ranked exposures for HDFC Property. The company’s biggest exposure was about Rs 500 crore in a project in Mumbai.”

Speaking on the occasion, N Ravichandran, Chairman, TVH, said that the funds from HDFC Property Fund will be employed for the development of a township on 100 acres of land at Manivakkam, West Tambaram.

“The project will be developed in phases where the first phase will be development on plots.  In the next three phases, we plan to launch row houses, villas and high rise apartments. The plots will be sold in 600 square feet, 1,200 square feet and 2,400 square feet at the rate of Rs 2,400 per square feet,” he added.