Tata Housing Development Company Investing In Gurgaon Properties
In the recent news on Gurgaon Properties sector, Tata Housing Development Company Limited will be investing approximately 20 Billion dollars. The company has proposed to build a residential complex in Gurgaon. This residential complex will be uber luxurious one with all the modern amenities. This luxurious project will be completed in a span of three years.
Tata Housing Development Company Limited is the subsidiary of the famous Tata Sons Group of Companies. This real estate company has its headquarters in Mumbai. The company is starting to explore new areas in the real estate sector.
Tata Housing operates and manages real estate business in all the major cities and urban centers of India. The company owns huge land banks in Mumbai, Bangalore, Ahmadabad, Kolkata Chandigarh and Gurgaon. The company offers all kinds of residential projects targeting all consumer segments. Tata Housing offers high-end luxury housing to affordable residential units.
Tata Housing also announced that it would start two new businesses in the property sector. The company did not mention which businesses they are planning to enter. This Mumbai based real estate company is planning to invest around 10 billion INR for the 2012-13 with the aim to acquire new realty projects.
The managing director and chief executive officer of Tata Housing, Brotin Banerjee, told about the project in Gurgaon. The new project will be a luxury-housing complex and is named Primanti. This residential project will comprise of 1100 units. The company is planning to develop the project. For this project, the company has acquired about 36 acres of land in Gurgaon from its group company, Tata Realty and Infrastructure. The price of the acquired land stands approximately 800 crore (8 Billion INR). The units in this proposed Gurgaon project will be starting from 1.5 crore (about 15 million).
The managing director also explained about the expansion plans of the company for the period 2012-13. He also informed about the expected launches by the company. The company is planning to start 8 -10 projects in the realty sector. The company also has plans to make a mark in the overseas market. There are plans to start new businesses for the overseas market. The company is searching for partners for the overseas projects. The MD of Tata Housing informed that they are planning to enter into two SAARC nations. Further details of about the overseas business are still under wraps.
The company for the new initiatives already has about 40 million square feet and is aiming to own around 25 million square feet by the end of 2012. For this purpose, this realty company will spend around 1,000 Crore (10 Billion). This amount will be spending on land development. Some of this amount will be utilized on the planned overseas ventures.
This is second major investment in Gurgaon Properties. Tata Housing will soon be launching two new projects in Delhi at the end of 2012 and they are in advanced stages. The company has signed agreements papers for some residential projects in Delhi-NCR. Out of these projects, there will one project for the lower middle-income group.
by: Aakriti Bhargav