DealCurry.com : Green Tree Homes To Raise Funds

Chennai based residential developer - Green Tree Homes is in talks with PE investors to raise around R50 Cr to its ongoing products, BS states.

Presently, the company has five ongoing projects which are designed to develop a total of 3 Mn sft in and around Chennai. The projects would be funded through internal accruals and sales revenue and rest by PE investment.

Two Projects are designed using prefab technology. It is also looking to apply the technology in a budget apartment township of a total expected project sales value of R400 Cr coming up in Tamil Nadu.

Green Tree Homes is a Chennai based real estate company promoted by a group of environmentally conscious architects and designers. It has over one Mn sft of residential and commercial spaces.

Its current projects includes - Greenn Athens, Greenn California, Luxury apartments Green 201 and Green 101, Greenn town.

Greenn Athens, a villa community between ECR and OMR was launched last year. The project spread across 3.16 acres of land comprising 40 villas each ranging from 4000-5000 sq ft.

Green Tree Homes has also floated a new company- Town & tower Systems Pvt Ltd with plans to produce and market prefab building components for itself and other real estate development firms. It is also setting up a manufacturing facility with a capacity of 5 Mn sft every year in Chennai to serve the market. The new venture would involve an investment of R50 Cr.

In this space, ASK Property Investment Advisors invested R147 Cr in its investee firm - ATS Group?s Gurgaon residential project.India Infoline, through its PE fund ? IIFL Domestic Series 1 invested R115 Cr in two residential projects across Mumbai and Gurgaon late last year.

Kotak Realty Fund was investing R120 Cr for a 20% stake in Parsvnath Developers' SPV.

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Source: http://www.dealcurry.com/20130711-Green-Tree-Homes-To-Raise-Funds.htm

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