Wednesday, March 4, 2015

Brick Eagle acquires iconic affordable housing project TMC, Karjat

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(L-R): Mr. Rajesh Krishnan, CEO & Founder, Brick Eagle ; Mr. Goutham Pulimi, CEO, Sheltrex Developers; Ms. Kirti Timmanagoudar  - Head, Social Housing, Brick Eagle; Sandeep Singh  - CEO, Brick Eagle Projects at the Brick Eagle-Sheltrex Press conference


·         The 105 acre township which will eventually house 20,000 families has been redesigned by architect Hafeez Contractor
·         Delivery of 500 houses will commence from April 2015
·         The township will be developed by “Sheltrex Developers P Ltd”, a Brick Eagle incubated developer

Mumbai, 3rd March, 2015: Brick Eagle today announced the acquisition of the iconic TMC (Tanaji Malusare City) project. The project famed for being the first Indian affordable housing project in the private sector was credited with kicking off affordable housing sector and was awarded the United Nations award for sustainable practices in 2009.

Due to a shareholder dispute and a court injunction, the project was delayed by 5 years leaving over 3600 house buyers in the lurch. After Brick Eagle’s acquisition in September 2014, the company has moved ahead to complete the project with modern specifications under the design and master plan of Architect Hafeez Contractor.

The project is being developed by Sheltrex, which is an incubated developer of Brick Eagle Group. Based on the aggressive effort of Sheltrex, delivery will start in April 2015 with the first 500 keys. Brick Eagle supports like-minded developers in affordable housing sector. In addition to Sheltrex, Brick Eagle has also invested in Playtor in Pune, DBS in Ahmedabad and Olympeo in Mumbai.

Brick Eagle is India’s leader in affordable housing. Headquartered in HongKong, it has invested in 20 housing projects spanning 1250 acres in Mumbai, Pune, Chennai, Coimbatore, Mysore and Ahmedabad. Beyond projects, Brick Eagle has invested in companies that aid 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; Botsworth, a company using robotics for township management; etc.

Says Goutham Pulimi, CEO, Sheltrex Developers, “Sheltrex townships embrace technology to bring convenience and a quality lifestyle, not usually associated with affordability. With TMC revived as Sheltrex, we have a stronger offering for customers, old and new, with a range of amenities in a Smart township.”

Says Rajesh Krishnan, Founder and CEO, Brick Eagle, “There are 3600 customers who have invested their life long savings to buy their home at TMC. They have been waiting since 2009. 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. 

About Brick Eagle
Brick Eagle is a platform for affordable housing development in India with a vision to deliver 1 million housing units by 2030. Brick Eagle began reaching out to start-ups and entrepreneurs to create companies that could focus on each step of the affordable housing value chain, thus creating an ecosystem to bring homes to millions of Indians.

Presently, Brick Eagle operates through four verticals:
Lands - which invests in land and partners with developers to promote affordable housing
Advisory – which incubates developers that have potential to deliver 10,000 housing units each year
Ventures – which invests in companies that complete the affordable housing ecosystem and
Social Housing - which focuses on delivering homes for low income group at Rs. 3 to 15 lakh/unit.

About Sheltrex:
Sheltrex is a developer of affordable housing intensive townships and uses technology as a differentiator. The defining aspect of Sheltrex is the use of innovative “Internet of Things’ technology. Every homeowner at Sheltrex will be able to control his home via the use of an app on his phone. Water, Electricity and Gas will all be automatically tracked and managed via the consumer’s smart phone.  Various other important aspects of the town such as parking, movement tracking, asset management  will also be monitored and further the use of big data analytics enable the cities to be efficiently monitored and managed.

Sheltrex has been incubated by “Brick Eagle”, a private equity fund headquartered in Hong Kong, who is focused on catalysing the affordable housing market in India.

At present Sheltrex has projects spread over 250 acres in Chennai, Coimbatore, Bangalore and at present is on the verge of launching their latest property in Karjat. Sheltrex, Karjat  will be a 105 acre sprawling township that is set to redefine smart living in the affordable housing segment. With world class external amenities, the township has various unmatched features such as a Bollywood themed promenade, Shopping Malls, close proximity to two railway stations and much more. Designed by Architect Hafeez Contractor, the township has been designed to lend itself to the latest standards in modernity.

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