HDFC Capital, the real estate private equity arm of HDFC Group and a subsidiary of HDFC Bank Ltd, has marked a significant milestone with its exit from a Total Environment project in Bangalore, yielding returns close to Rs 300 crore.
The investment giant had injected Rs 229 crore into a residential apartment project situated in the bustling locale of Whitefield, Bangalore. This investment was directed towards the development of 1 million square feet of residential apartments within the project named ?Pursuit of a Radical Rhapsody?.
Notably, the project encompassed a total area of 4.4 million square feet dedicated to residential development and an additional 500,000 square feet designated for commercial purposes.
Founder of Total Environment, Kamal Sagar, expressed his satisfaction, stating, This exit is a big milestone for all our stakeholders, having witnessed significant value creation, and we?re looking forward to creating further value for all our stakeholders through the ongoing investments by HDFC Capital.?
Driven by the post-pandemic surge in demand for projects helmed by reputed developers, Total Environment, a Bangalore-based developer, delivered returns amounting to Rs 527 crore, facilitating HDFC Capital's exit. Furthermore, the developer has repaid Rs 250 crore against other investments made by HDFC Capital in the fiscal year 2023-24.
Kunal Wadhwani, Principal Investments at HDFC Capital, emphasized the company's strategy of partnering with top-rated developers renowned for their track record of development and delivery, particularly focusing on high-quality homes in India.
Established in 1996, Total Environment has a commendable track record, having delivered 5.5 million square feet of residential and commercial space, with an additional 14 million square feet currently under construction.
HDFC Capital serves as the investment manager to four SEBI-registered Category II Alternative Investment Funds, collectively constituting a US$ 3 billion platform targeting the development of affordable and mid-income housing in India.
