HDFC Capital, a subsidiary of HDFC Bank Ltd and the real estate private equity arm of HDFC Group, has exited from a Total Environment project in Bangalore with a return of close to Rs 300 crore.
HDFC Capital had invested Rs 229 crore in a residential apartment project located in Whitefield, Bangalore. The Investment was against development of 1mn sf of residential apartments in the project named “Pursuit of a Radical Rhapsody”.
The project comprised of 4.4mn sf of residential and 500,000 sf of commercial development.
“This exit is a big milestone for all ourstakeholders, 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,” said Kamal Sagar, Founder, Total Environment.
Driven by the post-pandemic rise in demand for projects by reputed developers, the Bangalore based developer generated returns of Rs 527 crore to provide an exit to HDFC Capital.
In addition to the above, Total Environment has returned Rs 250 crore against other investments by HDFC Capital in FY 2023-24.
“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 focus on high quality homes in India,” said Kunal Wadhwani, Principal Investments, HDFC Capital.
Total Environment was founded in 1996 and has delivered 5.5 million sft. of residential and commercial space and a total of 14 million sft under construction currently.
HDFC Capital is the investment manager to four SEBI-registeredCategory II Alternative Investment Funds. These funds combine to create a US$ 3 billion platform targeting the development of affordable and mid-income housing in India.
