Tata Housing – the well known real estate developers for all target segments has now ventured in to Chennai’s residential real estate market. The investment is in the tune of Rs.2,000 crores and the group will be developing about three to four million square feet land in few years. The company is in talks with various state government bodies to promote affordable housing projects with Public Private Partnership (PPP) model.
Addressing a Press Meet Tuesday Mr Brotin Banerjee – Managing Director and Chief Executive Officer of Tata Housing Development Company Limited said that the proposal includes the companies flagship project Crescent Lake – an integral Township Project, disseminated over an area of 25 acres of land at Oragadam which is considered as the industrial hub of Tamil Nadu. The cost range of each flat would be around Rs. 14 lakhs – 35 lakhs with the whole project estimated at Rs. 650 – Rs. 750 Crores. The phase I, which would comprise of 960 apartments with six high rise towers offering 1, 2 and 3BHK with a minimum of 570 sq ft to the maximum of 1,406 sq ft. The cost would range from Rs.2, 500 per sq ft. Phase ll would have rows of houses and 3 and 4 BHK.
THDCL is also planning to take up two more home township projects in Chennai with 40 – 50 acres, where the space would be priced around Rs.6.5.lakh – Rs.35 lakh, viewed as a premium project in Chennai city. The company is also planning to tie up with local land owners in developing few projects in Chennai. Apart from Chennai, the company is also planning to develop a residential project at Hyderabad in 30 acres of land. THDCL would also set joint ventures with land owners for few up coming projects.
THDCL has already signed two MoU with the Assam Government to create commercial development in the state. The first MoU is with the Department of Industries and Commerce of Assam for creating commercial space which including business parks and IT buildings. The second MoU is with Guwahati Metropolitan Development Authority (GMDA) for developing a township and other infrastructure projects under the PPP model.
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