TVS Emerald to come up with five new projects in Chennai, Bengaluru

Combined revenue potential of the projects is Rs 1,000 cr; firm eyes 3.5x surge in area uder development to 25 mn sq ft in next 4-5 years

TVS Emerald, the real estate arm of the TVS Group, said on Wednesday that it is looking at a near three-fold rise in its total area under development over the next five years. The firm is set to come up with five projects with a combined revenue potential of Rs 1,000 crore, in Chennai and Bengaluru within the next four quarters.

“We are expecting the area under development to rise to 25 million square feet in the next 4-5 years, from 7 million sq feet currently. We are looking at a model where we will need less construction finance. Hence, we are trying to sell as much as possible,” said Sriram Iyer, president and chief executive officer, TVS Emerald. The company entered the Bengaluru market through its new project Jardin on October 3. It saw a positive response, with 70 per cent of the inventory sold on the first day itself, amounting to about Rs 300 crore.

Iyer said the company is seeing a recovery in demand after the entire real estate sector got affected during the pandemic. According to a report by Anarock on residential markets in India, approximately 84,930 units were sold in the second quarter of 2022, across the top-7 cities while new launches stood at 82,150 units. This was the best performing Q2 since 2015. “We are very bullish on the market. During the last quarter, overall sales from January to August surpassed pre-covid levels. Ownership of an apartment became an aspiration for most people,” Iyer added.

Jardin, spread over six acres, is offering 63 per cent open spaces and over two acres of landscapes. The project offers over 50 amenities, including a clubhouse overlooking Basapura Lake, separate health club for men and women, coworking space, library, VIBGYOR theme plantation, Miyawaki forest and provision for various indoor and outdoor activities.

“We have four to five projects at the approval stage in Chennai and Bengaluru. We will come out with details in the next three to four quarters. Overall revenue expected from these projects will be close to Rs 1,000 crore,” he added.