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US-based Alternative Investment Fund (AIF) Verde Partners Has invested Rs 400 crore in a Chennai based real estate developer casagrand Two builders informed about the deal for the purchase of land for development in Chennai.
One of them said, “The money was invested against the portfolio of real estate projects and the builder has already withdrawn Rs 200 crore.”
Builder is in talks to buy 45 acres of land parcel Kelambakkam RoadChennai.
The person quoted above said, “The land belonged to a Dutch firm and has been sold for over Rs 3 crore per acre.”
The deal follows a recent investment of Rs 440 crore by Verde Partners. omex Group project in Delhi-NCR.
AIF has also invested in two commercial projects of the Phoenix Group in Hyderabad, and in 2020 acquired a commercial building from the Lodha Group for about $1 billion.
Casagrande is looking to develop a mid-income multi-storey apartment project on Kelambakkam Road, priced above Rs 4,000 per sq ft.
It currently operates in the residential category of middle income group in Chennai with prices above Rs 35 lakh and up to Rs 1.5 crore.
CBRE, Transaction Advisor, Casagrande and Verde Partners could not be reached for comment.
Last month this Chennai-based builder bought 20 acres of land in Perambur, Chennai PVP Venture,
A person associated with the matter said, “It had bought eight acres of land outright, while the rest of the land is under JDA (Joint Development Agreement). “Casagrande is looking to buy more land in the South to expand its residential portfolio.”
Recently, the builder received funding of Rs 1,200 crore from international investors including Apollo Global and KKR.
Casagrande will add 25 million square feet of residential property and 5 million square feet of office projects by 2024. It aims to achieve a sales target of Rs 3,750 crore this fiscal, from Rs 2,300 crore in 2021-22.
With improving consumer sentiment, the top builders in the country have witnessed a steady increase in home buyer inquiries and conversions in recent months.
Knight Frank India in its latest report, India Real Estate: H1 2022 (January – June 2022) quoted that the Chennai residential market registered a 21% year-on-year (YoY) growth in sales in H1 2022. The sale of 6,951 houses was recorded in the city. units in H1 2022 as compared to 5,751 housing units sold in H1 2021. New home launches saw an increase of 40% YoY from 5,424 housing units in H1 2021 to 7,570 housing units in H1 2022.
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