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True Value Homes to invest Rs 800 cr

Gireesh Babu  |  Chennai 

Chennai-based real estate developer, Pvt Ltd (TVH), is planning to invest Rs 800 crore over the next three years to develop around 12 projects, majority of which will be in the residential segment.

The company has so far developed six million sft cumulatively in both commercial and residential space. It is now developing around five million sft with major share of the projects in Chennai. It has a few more projects in the pipeline -- to develop around seven million sft -- and which may go up according to the market condition in future, said N Ravichandran, chairman, TVH.

“We have projects in Chennai, Coimbatore and Trichy. TVH is also looking at the fast growing Tier II cities for property development. We are planning a joint venture project in Madurai. Our current pipeline is to develop a total area of around 12 million sft on around 12 projects,” said Ravichandran. The investment would be from internal accruals and debt.

Besides, the company is looking at starting projects at Thiruvananthapuran and Kochi in Kerala in the medium segment. It also has plans to start a project in Bangalore. However, he refused to divulge details of projects stating it was in the pipeline.

Of the total projects, 80-90 per cent would be residential, while the rest would be in the commercial space, he said.

TVH recently announced the launch of its Rs 125-crore high-end green residential project, TAUS, at Old Mahabalipuram Road, near here, with 403 apartments.

The company, which clocked a of Rs 500 crore in the fiscal 2009-10, expects to end the current fiscal with Rs 650 crore.

First Published: Wed, March 23 2011. 00:38 IST