TVH enter residential layout biz

Chennai: In line with ma-ny big names in the realty sector, Chennai-based True Value Homes (TVH) has al-so ventured into residential layout development, reite-rating that all is not well with apartment sales in the city as the market still re-mains sluggish. The develo-per has roped in HDFC Pro-perty Fund into the project — a 100-acre development at Mannivakkam on Tamba-ram-Padappai road — with an equity investment of 2100 crore. The funder has taken 26% stake hi the SPV, said MD and CEO of the fund, K G Krishnamurthy. HDFC was looking at a five year term for exiting from the project with an IRR of 26-28 %, said Krishnamurthy. TVH chairman N Ravi-chandran said the town-ship would be developed in four phases, starting with a 25-acre plotted develop-ment in the first phase. Row houses, villas, apartments and commercial develop-ments would follow in sub-sequent phases, he said. TVH acquired land over last 7 years, he added.