Private Equity Announcement : Brick Eagle and Jarvinia to develop projects in India
Brick Eagle & Jarvinia signs an agreement to manage Sheltrex Developers Pvt Ltd. Sheltrex Developers Pvt Ltd an affordable housing project moves to Oragadam.
Brick Eagle, the project developer of Sheltrex has tied up Jarvinia, a Cyprus based FDI to jointly develop the project. The landmark housing partnership, the first agreement between Brick Eagle & Jarvinia was formally signed today at Marriott Courtyard, Chennai between Mr Rajesh Krishnan, Chairman, Sheltrex & MD, Brick Eagle and Mr Rashmi Parekh, Director, Jarvinia an FDI.
Mr Rajesh Krishnan, MD, Sheltrex on announcing the tie-up says, “Access to affordable housing, clean water, sanitation and power is essential for economic and social development. However this remains an exclusive privilege and there are acute shortages of affordable housing in Chennai. Supporting local developments through an experienced Israeli based partner will help address the significant challenges of low cost housing, contribute to poverty reduction and go a long way towards achieving our goal, “house for every Indian”. We are happy to partner with Jarvinia and relaunch the project at the new site in Oragadam”
He further added, “The total portfolio size of the land which Brick Eagle will handle in Oragadam is worth INR 2000 crores. The first phase of about 25 acres will be launched under the brand of Sheltrex. The existing customers of Sheltrex will get to shift to the new site with 20% discount than the market prize. Apart from this, customers can benefit from the superior location and discounted rates per sq-ft. The project will be delivered as per our earlier commitment, by the year 2015”
Mr. Rashmi Parekh, Director, says, “Jarvinia the FDI controls over 170 acres of development rights on lands at Oragadam and has appointed Brick Eagle to manage the promotion of integrated affordable housing township portfolio. As a growth corridor with multiple SEZs and a hub for the automobile industry, Oragadam has a multitude of blue-collar industries. This would be a profit sharing partnership between us and we are happy to partner with a successful developer."
The Sheltrex-Oragadam project is situated on the main four-lane highway SH 57, next to the Oragadam Industrial Growth Centre. Oragadam is one of India’s hottest growth centres, widely known as the “Detroit of India” for its booming auto industry. Nearby lies the Grand Southern Trunk (GST) Road, featuring excellent connectivity by various transit mediums to vibrant Chennai. Rail transit is accessible as well: the site is within ten minutes from SingaperumalKoil station, and also close to the proposed international airport at Sriperumbudur.
Sheltrex has partnered with IBM in a large way to leverage its “Smart City Framework”, integrating cutting-edge technological features within the township. IBM has helped design the digital roadmap for the township with amenities like radio-frequency identification (RFID), WiFi-enable living spaces, online education networks and smart municipal infrastructure.
The project is master planned by Architect Hafeez Contractor, showcasing smart houses that optimize space utilization. It features an array of 2BHK apartments of smart and luxury variants. The township also includes a school, clubhouse, shopping mall, and a technology museum - part of its ground-breaking partnership with IBM.
About the Company:
Brick Eagle:Brick Eagle catalyses affordable housing development through its unique and scalable operating model. Led by professionals with extensive experience in finance, land acquisition and project management, Brick Eagle has more than 500 acres of land under development. Their focused investment strategy transforms under-performing properties into valuable assets. The team is ably supported by eminent industry advisors and professional investors, aiming to deliver one million affordable homes by 2030.
Jarvinia: Jarvinia is a Cyprus-based investment firm with extensive holdings across the nation. Currently, it has interests in real estate; telecoms; and hospitality.Jarvinia has identified Tamil Nadu, and in particular the growth corridor from Oragadam to Sriperumbudur as one of the hottest postal codes in the country, and is committed to supporting Sheltrex in its quest to build cutting-edge homes.
Sheltrex: Sheltrex is a technology integrated housing venture promoted by SheltrexDevelopersPvt. Ltd, headquartered in Mumbai, India. Sheltrex has been the biggest proponent of integrating technologies to support sustainable urban development. The goal is to apply the world’s latest technologies to ensure health, safety, education and environment.