HDFC Capital Exits Total Environment Bangalore Project
06 May 2024
2 Min Read
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.
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.
Next Story
Dassault To Build Falcon Jets In India With Reliance
Reliance Infrastructure Ltd鈥檚 subsidiary, Reliance Aerostructure, has signed an agreement with France鈥檚 Dassault Aviation to manufacture Falcon 2000 business jets in India, with the first batch expected to roll out from its Nagpur facility by 2028. This marks the first time a Falcon aircraft will be entirely built outside France.The announcement sent Reliance Infrastructure shares surging, hitting the 5 per cent upper circuit on the BSE. Anil Ambani, Chairman of Reliance Group, hailed the agreement as a 鈥渟ymbol of India鈥檚 technological and manufacturing strength鈥�, adding that it aims..
Next Story
INDEA Lays Foundation for India鈥檚 First Auto Design School
The Indian School for Design of Automobiles (INDEA), the country鈥檚 first institute focused solely on automobile design and management, held its foundation stone ceremony at XLRI Delhi-NCR. The event was graced by Union Minister for Road Transport and Highways, Nitin Gadkari, who virtually unveiled the stone as Chief Guest.INDEA aims to become a premier talent hub, driving innovation in the Indian automotive sector. The school will focus on advanced design, mobility solutions, and sustainable practices, playing a vital role in shaping India鈥檚 transition from a cost-driven to a quality-led a..
Next Story
Karnataka Launches Global Innovation Hub at Airport City
The Government of Karnataka, in collaboration with Bengaluru Airport City Limited (BACL) and ANSR, has launched a global innovation hub named District I at Bengaluru Airport City's business park. The initiative aims to elevate India鈥檚 innovation ecosystem to a global scale by fostering collaboration among startups, academia, enterprises, and government bodies.District I will serve as a platform for deep-tech entrepreneurship, enterprise innovation, and commercialisation of academic research. It brings together Global Capability Centres (GCCs), IT firms, corporate labs, startups, venture capi..
