Private equity fund manager Brick Eagle said it has acquired affordable TMC (Tanaji Malusare City) project at Karjat near Mumbai for ₹300 crore.
The project was touted as the first Indian affordable housing scheme in the private sector. It was also conferred with the United Nations award for sustainable practices.
However, due to a shareholder dispute and a court injunction, the project was delayed by five years leaving over 3,600 home buyers in the lurch.
Brick Eagle acquired the project from its owners AIM-listed Eredene Capital.
After Brick Eagle’s acquisition in September 2014, the company has moved ahead to complete the project.
The project is being developed by Sheltrex, which is an incubated developer of Brick Eagle Group.
Sheltrex will start delivery in April 2015 with the first 500 keys. In addition to Sheltrex, Brick Eagle has also invested in Playtor in Pune, DBS in Ahmedabad and Olympeo in Mumbai.
Rajesh Krishnan, Founder-CEO, told BusinessLine, “The 105-acre township project can house over 20,000 units. In the first phase, we will be delivering 3,600 units. Our first priority is to deliver these units”.
The project will have apartments of 170 sq ft to 700 sq ft and prices vary from ₹10 lakh to ₹50 lakh per apartment.
He said the company has already got approvals for developing four million sq.ft in the township. “The total project cost is estimated at ₹2,000 crore and is spread over five to seven years”.
Hong Kong-headquartered Brick Eagle has invested in 20 housing projects spanning 1,250 acres in Mumbai, Pune, Chennai, Coimbatore, Mysuru and Ahmedabad.
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