The intended investment will see the Chennai-based company develop more than 4.9 million 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 of TVS Emerald. “In the upcoming 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 topline of Rs 500 cr from this project alone,” he said.
TVS Emerald is also actively looking to acquire land parcels across these 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.
“Homebuyers today are looking for larger homes with quick access to open green spaces and the promise of a balanced lifestyle,” said Iyer. “Covid has catalysed a trend where people have started to migrate towards lower-density suburbs.”
Sales volume in India’s residential sector was at a nine-year high in the six months to June 2022. Across the top eight cities, the sector saw annual growth of 60% compared with the first half of 2021—rising to 158,705 housing units from 99,416, according to a report by Knight Frank India.
In the first half of 2022, Bengaluru was the country’s third-largest residential market with 26,677 units sold, after Mumbai (44,200) and the National Capital Region (29,101).