HDFC Capital, a part of HDFC Bank Ltd, recently made a profitable exit from a Total Environment project in Bangalore, earning nearly Rs 300 crore.
The investment arm had initially put in Rs 229 crore into a residential project located in Whitefield, Bangalore, known as “Pursuit of a Radical Rhapsody.” This project included 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.
Total Environment, a well-known developer in Bangalore, saw a rise in demand for its projects after the pandemic. This led to significant value creation, resulting in HDFC Capital’s exit and a return of Rs 527 crore.
In the fiscal year 2023-24, Total Environment also returned Rs 250 crore from other investments made by HDFC Capital.
Kunal Wadhwani, Principal Investments at HDFC Capital, emphasized the importance of partnering with reputable developers like Total Environment, known for their quality and timely delivery of projects.
Founded in 1996, Total Environment has a track record of delivering 5.5 million square feet of residential and commercial space, with 14 million square feet currently under construction.
HDFC Capital manages four SEBI-registered Category II Alternative Investment Funds, focusing on affordable and mid-income housing development in India, with a combined platform worth US$ 3 billion.