Brick Eagle has 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 3,600 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. Delivery would start in April 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.
Speaking on the occasion Rajesh Krishnan, Founder and CEO, Brick Eagle said, “There are 3,600 customers who have invested their lifelong 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.