Mappedu
Land aggregation and shed development in Mappedu, on Chennai's western industrial corridor.
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Case Studies
Track record, on the page.
Completed projects, fully exited. Each one is a working blueprint for our ongoing parks.
Featured · Ezhichur, Oragadam
45.5 acres. 128% IRR. Fully exited.
A plotted development of 45.5 acres in Ezhichur, fund-raised across two SPVs (25.98 + 19.52 acres), developed between June 2020 and August 2024, and exited to institutional buyers in the largest industrial-real-estate exit in our group's history.
- Tranche 1: 25.98 acres
- Tranche 2: 19.52 acres
- Tax-efficient CCD-based fund structure
- Full exit to institutional investors
| Project | Ezhichur plotted development |
|---|---|
| Land | 45.50 acres |
| Duration | June 2020 – August 2024 |
| Structure | 2 SPVs |
| IRR Delivered | 128% |
| Status | Exited |
What made Ezhichur work
Five execution choices that drove the IRR
Below-market land entry
Chattels Realty's 16-year relationships in the Oragadam belt let us aggregate the parcel at a meaningful discount to prevailing rates.
Plotted, not built
By developing as plots rather than constructing sheds, we minimised capex and matched the format institutional buyers preferred.
Two-tranche fundraise
Splitting into 25.98 + 19.52 acres across two SPVs let us close faster, stage capital, and exit each independently.
CCD instrument
Tax-efficient Convertible Debentures protected investor returns and aligned the cap table for exit.
Institutional exit
Pre-built institutional relationships meant the exit conversation started during construction, not after.
Skin in the game
Promoter capital co-invested alongside investor capital, the same incentive structure powering every ongoing project today.
More completed projects
Deep-dives in progress
Detailed write-ups for these are being prepared. In the meantime, contact us for the deck.
Vayaloor
Industrial parcel development in Vayaloor, adjacent to Chennai's auto cluster.
Request detailsGT Vadamadurai
Land deal and project execution at GT Vadamadurai on the Chennai outskirts.
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Investor materials
View the deck
Our latest investor presentation, plus the group overview.