TVS Emerald, the real estate arm of the TVS Group, said on Wednesday that it is looking at a three-fold increase in its total area under development in the next five years. The firm is set to come up with five projects with a combined revenue of Rs 1,000 crore, in Chennai and Bengaluru in the next four quarters.
“We expect the area under development to increase to 25 million square feet in the next 4-5 years, from 7 million square feet now. We are looking at a model where we will need less capital to build. So, we are trying to sell as much as we can,” Sriram said. Iyer, president and chief executive officer, TVS Emerald. The company entered the Bengaluru market with the new Jardin project on October 3. It saw a good response, with 70 percent of the inventory sold on the first day itself, worth around Rs 300 crore.
Iyer said the company is seeing a recovery in demand after the entire real estate sector was affected during the pandemic. According to Anarock’s report on the residential market in India, about 84,930 units were sold in the second quarter of 2022, across the top 7 cities while new launches stood at 82,150 units. This was the best performing Q2 since 2015. In the last quarter, total sales from January to August exceeded pre-covid levels. Home ownership has become an aspiration for many people,” added Iyer.
The Jardin, spread over six hectares, offers 63 percent open spaces and two hectares of land. The project offers more than 50 amenities, including a club overlooking Basapura Lake, a separate health club for men and women, a work space, a library, a VIBGYOR plant, Miyawaki Forest and offers a variety of indoor and outdoor activities.
“We have four to five projects in the approval stage in Chennai and Bengaluru. We will come out with details in the next three to four quarters. The total revenue expected from these projects will be close to Rs 1,000 crore,” he added.