Emerald Haven Realty Ltd (TVS Emerald), the real estate arm of TVS Motor Company, plans a luxury residential project in Bengaluru as the company has bought its second land parcel that offers a development potential of ₹400 crore.

Emerald has bought 1.14 acres of land in the Central Business District (CBD), the city centre and core commercial area of Bengaluru. The land parcel is located in a well-developed neighbourhood. It is close to Richmond Circle and Cubbon Park, and easily accessible from MG Road, according to a statement.

High-end spaces

The new project in CBD will cater to the uber-luxury residential segment. CBD is one of the preferred localities in Bengaluru with a growing demand for high-end residential spaces. This project is to be launched during the next fiscal.

The residential project will come up at a place that is strategically located close to Richmond Circle with good connectivity to UB city, MG road, Residency Road and Church Street. The locality offers a well-developed social infrastructure with educational institutes, healthcare facilities and retail avenues in proximity, it said.

“While housing prices in Bengaluru increased 6% y-o-y after remaining rangebound for the last two years, unsold inventory witnessed a sharp decline during Q3-2022, dropping by 14% y-o-y (Pan India unsold inventory increased 3%y-o-y).

Rising demand

“Amid high inclination towards homeownership and higher disposable income, demand for large spaces and self-sustained properties is rising. During Q3-2022, unsold inventory dropped 34% compared with Q3-2019 levels, said CREDAI Colliers Liases Foras Housing Price-Tracker Report 2022.

During the first half of this fiscal, 24,195 homes were sold for a total value of ₹17,651 crore  as compared with 12,110 homes sold at a total value of ₹ 8,218 crore during the year-ago period, an increase of 115 per cent, according to Anarock Property Consultants.