Brick Eagle Group Pvt Ltd, a financial services platform for the affordable housing industry, has acquired TMC (Tanaji Malusare City), a 105 acre township project in Karjat, Mumbai, for an undisclosed amount, according to a press release.
TMC, arguably the first Indian affordable housing project in the private sector, is being developed by Sheltrex, an incubated developer of Brick Eagle Group.
The project was delayed by five years leaving over 3,600 house buyers in the lurch due to a shareholder dispute and a court injunction. The delivery will start in April 2015 with the first 500 keys.
“Our first priority is to deliver these units within 24 months. While affordable housing has always been seen as a pressing social need, Brick Eagle views this as a $100 billion market opportunity," said Rajesh Krishnan, Founder and CEO, Brick Eagle.
Brick Eagle, a platform for affordable housing development in India, aims to deliver one million housing units by 2030.
Headquartered in Hong Kong, Brick Eagle has invested in 20 housing projects spanning 1,250 acres in Mumbai, Pune, Chennai, Coimbatore, Mysore and Ahmedabad. Beyond projects, the company has invested in companies that help the affordable housing sector like TPC, a construction technology company; Phalcomm, an online house selling platform; Renderlogy, a technology driven online interior design and supplier community; Xeco, a real estate marketing company and Botsworth, a company using robotics for township management.
It operates through four vehicles including lands, advisory, ventures and social housing.
Sheltrex, one of its incubated property developers, develops affordable housing intensive townships and uses technology as a differentiator. At present Sheltrex has projects spread over 250 acres in Chennai, Coimbatore and Bangalore besides the project at Karjat.
In addition to Sheltrex, Brick Eagle has invested in Playtor in Pune, DBS in Ahmedabad and Olympeo in Mumbai.
(Edited by Joby Puthuparampil Johnson)