Rs.400 crore to be invested in Goa by Tata Housing

With an aim to develop a mid-income housing project in Goa, Tata Housing will be investing about Rs.400 crore over the next three years. The project is the second housing project in Goa undertaken by the Tata Group firm after developing the luxury project comprising 65 villas about 7-8 years ago.

Under the project, the company will be developing 650 housing units on a 7 acre land in Goa. Tata Housing Managing Director and CEO Brotin Banerjee said, “Global exposure and awareness even among the middle- income group, has led to an increasing demand for second homes. Lately, the concept of affordable yet luxury second home is gaining traction amongst the young consumer who intends to showcase his social standing amongst their peers”. “These (second home) projects give them an opportunity to experience a lifestyle with the latest amenities and technologies, security and lifestyle which may not be possible in a big city” he added. The proposed project in Goa is besides housing projects in Kasauli (Himachal Pradesh), Lonavala (near Mumbai) and Talegaon (near Pune) that are already being developed targeting buyers looking for second home.

With an estimated cost of around Rs.400 crores, the project will have 250 units in the first phase with a starting price of Rs.35 lakhs. The construction is already underway and the company is targeting the completion of the project within a period of 3 years as it would be a low-rise towers.

Tata Housing, established in 1984, is a closely held public limited company and a subsidiary of Tata Sons Ltd. With about 70 million sq ft under various stages of planning & execution, the company also has about an additional 19 million sq ft in the pipeline.

The company  is also planning to enter Noida property market and is in discussions with four local builders, including Logix group and Lotus Greens, to develop 4 projects in Gurgaon as a joint venture.

Tata Housing plans to develop 20-mn sq/ft land in 8 cities

Tata Housing, the realty arm of Tata Sons plans to develop 20 million sq/ft land in eight cities in India which include Bengaluru, Delhi-NCR and Mumbai over the next few years. The company already has 29 projects and 70 million sq/ft land under various stages of planning and execution across 13 cities.

The managing director and chief executive Brotin Banerjee of Tata Housing told reporters,   “we have additional 20 million sq/ft land for development in the pipeline . We are in talks with the land owners in this connection.”

Speaking on the sidelines of a social cell initiative by Tata Housing where homes will be sold through Facebook in Goa ranging from Rs. 29 lakh to Rs. 50 lakh between October 26 – 28, he added that the additional 20 million sq ft land parcels throughout India will be developed in the course of next few years.

The company has already delivered 5,000 homes during the last 3-4 years and it plans to deliver another 4,000 homes in the remaining part of the current fiscal. “We will be launching four residential projects during October-December,” he added.