True value Homes ventures into residential layout development
True Value Homes, a Chennai based realty entity has ventured into the residential layout development reiterating that all is not well with sales of apartment in the city due to stagnancy in the realty market. The company has invested in a 100-acre development at Mannivakkam on Tambaram-Padappai road with HDFC Property Fund and an equity investment of 100 crore.
K G Krishnamurthy, the MD and CEO of the fund said that, “The funder has taken 26% stake in the SPV. HDFC was looking at a five year term for exiting from the project with an IRR of 26-28%. “
True Value Homes owner N Ravichandran stated that, “The Township would be developed in four phases, starting with a 25-acre plotted development in the first phase. Row houses, villas, apartments and commercial developments would follow in subsequent phases.” He further added that, “True Value Homes developers have acquired land over the last 7 years.”
About the company- TVH real estate sector widely known for its standards of quality and excellence. It is an ISO 9001:2000 & ISO 14001:2004 Certified Company and a member of the US Green Building Council since 2007.The Company is emerging as one of the leading realty entities with over 7.1 million sq.ft. of constructed residential and commercial space, 4.1 million sq.ft. of projects under construction and 12 million sq.ft. of projects in pipeline. Since its inception in the year 1997, the company has achieved considerable success providing quality dwellings to the customers.
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