True Value Homes, a Chennai-based residential developer, is entering a new market segment with the launch of a plotted layout as part of a 100-acre township.
Hiref-HDFC International Realty Fund has taken a 26 per cent stake, about ₹ 100 crore, at the SPV level in the project. The development, TVH Titanium City, is coming up at West Tambaram in Chennai.25-acre layout
In the first phase, TVH willlaunch a 25-acre layout with plots of 600 sq ft to 3,000 sq ft priced between ₹2,400 and ₹3,000 a sq ft. Titanium City will later launch row houses, villas, apartments and commercial space in the township project.
N Ravichandran, TVH Chairman, said the company has seen a strong demand for plotted development in the suburb and has come out with a complete solution.
If the buyers choose, TVH will also handle construction of houses. It has five tailor-made plans for each plot size. The construction cost will be approximately ₹2,000 a sq ft.
KG Krishnamurthy, MD & CEO, HDFC Property Ventures Ltd, said it has handled a similar project in Pune which had proven attractive.