Tamil Nadu Shelter Fund (TNSF) has invested ₹95 crore in an affordable housing project by property developer Vijay Raja Homes Private Limited for the construction and development of ‘VRX 360’ a 2,700-unit under construction affordable development project in Thirumazhisai, a suburb in western Chennai.
TNSF is a Category I (Social) Alternative Investment Fund (AIF) invested by global investors such as World Bank and is managed by the Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC). The fund invests in Environmental, Social and Governance (ESG) compliant affordable housing impact projects for commercial returns.
JLL India, who was the exclusive advisor for the transaction, in a press release said, “After a major push from the government, the affordable market in India has received a boost and development focus on mid and affordable segments continued in H1 2021 with 72 per cent of new launches in the sub ₹10 million categories.”
“Vijay Raja is committed to create projects that offer luxury yet are affordable for all walks of life. The affordable segment is our key focus, and we believe in the government’s vision of housing for all,” Chendilnathan, Chairman and Managing Director, Vijay Raja Homes Private Limited was quoted in the release.
“The launch of this project will serve as a fillip to more affordable housing projects, owing to the steady demand and the innate satisfaction for a customer to own a home,” said Siva Krishnan, Managing Director, Chennai & Coimbatore and Head of Residential Services, India, JLL.