HIREF-HDFC International Realty Fund pick up 26% in Chennai township project

HIREF International Llc-HDFC International Realty Fund picked up a 26 % stake in Tarendra Infrastructure Pvt Ltd, a special purpose vehicle (SPV), for Rs.100 crore. The SPV is promoted by Chennai-based True Value Homes to develop real estate plots at Manivakkam near Tambaram, a suburb of the city.

The pre-launch interest for these plots has been good so HDFC Property Fund decided to invest despite a general sluggishness in the real estate market, said K.G Krishnamurthy, CEO and managing director, HDFC Property Fund.