HDFC Capital Exits Total Environment Bangalore Project

06 May 2024 CW Team

HDFC Capital, a subsidiary of HDFC Bank Ltd and the real estate private equity arm of HDFC Group, has achieved a substantial exit from a Total Environment project in Bangalore, securing returns close to Rs 300 crore.

The investment, totaling Rs 229 crore, was directed towards a residential apartment project situated in Whitefield, Bangalore, under the name "Pursuit of a Radical Rhapsody." This venture encompassed the development of 1 million square feet of residential apartments along with 4.4 million square feet of residential and 500,000 square feet of commercial space.

Kamal Sagar, Founder of Total Environment, expressed, "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 surge in demand for projects by esteemed developers post-pandemic, the Bangalore-based developer generated returns of Rs 527 crore, facilitating HDFC Capital's exit. Moreover, Total Environment has returned Rs 250 crore against other investments made by HDFC Capital in the fiscal year 2023-24.

Kunal Wadhwani, Principal Investments at HDFC Capital, remarked, "The successful exit of the equity investment highlights our strategy of partnering with top-rated developers with a good track record of development and delivery with a focus on high-quality homes in India."

Established in 1996, Total Environment has delivered 5.5 million square feet of residential and commercial space, with a total of 14 million square feet under construction presently.

HDFC Capital serves as the investment manager to four SEBI-registered Category II Alternative Investment Funds, collectively forming a US$ 3 billion platform targeting the development of affordable and mid-income housing in India.

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