News release

Tamil Nadu Shelter Fund (TNSF) invests INR 95 crore in affordable housing project being developed by Vijay Raja Homes Private Limited

JLL India was the exclusive advisor for the transaction

July 13, 2021

Chennai, 13 July 2021: Tamil Nadu Shelter Fund (TNSF), a fund managed by the Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC), has invested INR 95 crore in an affordable housing project by Vijay Raja Homes Private Limited. The fund will be utilised for the construction and development of ‘VRX 360’ a 2700-unit under construction affordable development project in Thirumazhisai, a suburb in western Chennai.

TNSF is a Category I (Social) Alternative Investment Fund (AIF) invested by global investors like World Bank and managed by TNIFMC. It invests in Environmental, Social and Governance (ESG) compliant affordable housing impact projects for commercial returns. Its ESG monitoring framework has been developed along with World bank. This is the first time World Bank has invested in an Innovative finance vehicle to support and provide funding for good quality affordable houses by private developers, including industrial workers housing, working women hostels and assisted care living for senior citizens and disabled people.

“Vijay Raja is committed to create projects that offer remarkable luxury yet are highly affordable for all walks of life. The affordable segment is our key focus and we believe in the Government’s vision of housing for all. This is an industry where the phrase “affordable luxury” is considered as an oxymoron,” said Chendilnathan, Chairman and Managing Director, Vijay Raja Homes Private Limited.

After a major push from the government, the affordable market in India has received a major boost. Development focus on mid and affordable segments continued in H1 2021 with 72% of new launches in the sub INR 10 million categories. Overall, the residential sales in Q2 (April-June) 2021 increased by 83% as compared to Q2 2020, across the top seven cities. According to JLL’s Residential Market Update – Q2 2021, release, sales were driven by the low base effect, less stringent lockdowns, and accelerating vaccination drives during Q2, 2021, demonstrating improved resilience in the market.

"Thirumazhisai is an ideal location – with great connectivity to both the city via the outer ring road and the industrial corridors via NH4. The physical infrastructure will be further enhanced with the development of Phase II of the Chennai Metro up to ‘Poonamallee’. Apart from upcoming residential developments, this micro-market also houses large auto OEMs and Industrial Estates. The launch of this project will serve as a fillip to more number of affordable housing projects, owing to the steady demand and the innate satisfaction for a customer to own a home", said Siva Krishnan, Managing Director, Chennai & Coimbatore and Head of Residential Services, India, JLL.

Vijay Raja Homes Private Limited is a 70-year old company and has constructed and sold over 8.7 million sq. ft. to more than 5,700 customers till date. Being one of the oldest backward integrated companies in this segment, Vijay Raja’s leadership team holds 200+ years of consolidated industry experience with strong expertise in in-house design to quality assurance and material management.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit