MUMBAI: Singapore‘s Keppel Land on Monday said it has entered into a joint venture agreement with TVS Group‘s realty arm to develop a freehold condominium project in Chennai.

The company has partnered with Emerald Haven Realty, a TVS Group company, to pick up 49 per cent stake in the joint venture at a total consideration of about Rs 77.2 crore, it said in a statement.

Under the agreement, the joint venture will develop a freehold premium condominium project in south Chennai spread across 2.4 hectares.

The projected is expected to generate Rs 540 crore, with Keppel Land’s share estimated at about Rs 260 crore.

“Completion of the acquisition is subject to the satisfaction of certain conditions precedent and is expected to take place in the first half of 2021,” the company said in a statement.

The gated development will have a total saleable area of about one million sq ft and will comprise apartments in mostly two- or three-bedroom configurations. Construction work is expected to commence in the third quarter of 2021.

“This partnership is in line with our strategy to strengthen our presence in top-tier cities in India such as Chennai, and creates a platform for future collaboration with TVS Emerald,” Keppel Land President (India) Ho Kiam Kheong said.

TVS Emerald Director K Gopala Desikan said, “TVS Emerald has been developing and delivering state-of-the-art projects in Chennai for close to seven years. We are confident that this joint venture will result in the development of an exemplary project of superior quality and sustainable living.”



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