The land was bought at Rs 20 crore per acre, in line with the market rate. “The company will develop a residential project on this land,” said one person, who did not wish to be identified.
Officials at TVS Emerald, SNP Infrastructure and CBRE, the advisor for the transaction, could not be reached for comment.
The Chennai-headquartered firm is looking to strengthen its presence in the real estate business by focusing on southern residential and commercial markets.
In 2017, the firm floated an equity investment platform of Rs 400 crore with private equity fund Ask property Investment to develop mid-income and affordable homes across southern cities.
India’s real estate sector attracted inflows of more than $6.8 billion from private equity investors in 2018, second only to the historical peak investment seen in 2017, showed data from real estate services firm Cushman & Wakefield.