TVS Motor's housing arm lines up 4-5 new housing projects

TVS Emerald, associate company of TVS Motor that is one of the largest two-wheeler companies in country, is planning to set up 4-5 new housing projects in and around Chennai.

The company which delivered its maiden project said it may raise Rs 200 crore from PE and other investors to support future projects.

TVS Emerald commenced its first project 'GreenHills' in June 2013 in Perungalathur, near Chennai.

R Chandramouli, president and CEO, TVS Emerald said that all 448 apartments have been sold with more than 410 customers have taken possession. The project was delivered in May 2015, ahead of schedule.

Delivery of 150 villas at Greeh Hills will start by March next year. Total investment by the customers would be Rs 250 crore in the entire project.

The housing arm of TVS Motor is set to take up its second project, which will come at Kolapakkam, near Tambaram. The project, which would be in the range of around Rs 275-300 crore, will have 352 apartments and also have villas. Price would range from Rs 25 lakh to Rs 1.25 crore and these include 2BHK, 3 BHK and villas.

The project will spread over in 18 acres, which was acquired by the company, and Phase 1 of GreenAcres is expected to be completed by 2017.

On way forward, he said, in the next three years the company would like to take atleast 4-5 projects and the focus will continue to be in the mid segment.

He added, the focus will continue to Chennai currently and going forward the company may look at other cities in the State. "This business is 2-3 cities centric and its not national business, so we will focus only few cities, which we know better."

Chandramouli said the company is open for joint venture (JVs). The JV partner will bring land. The company also said it is open for outside investors, including private equity funds, who can bring around Rs 200 crore.

"We are not in hurry, we will take it whenever we wanted to. If the money comes we can speed up the projects," said Chandramouli.

TVS Motor Company