Real estate developer Tata Housing Development Company today proposed to set up two residential projects in Punjab and Himachal Pradesh with an estimated investment of Rs 1,000 crore.
"We have plans to set up two (residential) projects in Punjab and Himachal Pradesh, which will involve an investment of Rs 1,000 crore," company’s MD and CEO Brotin Banerjee told reporters here today.
Tata Housing, which is a subsidiary of Tata Sons, is keen to build affordable and value homes in Punjab on Public Private Partnership mode over an area ranging 30-60 acres of land and a luxury housing project in Himachal Pradesh up to 10 acres of land.
"About 60 to 65% of our investment (Rs 1,000 crore) will be made in Punjab and rest in HP," he said.
Stating that the company was looking to develop affordable homes in Ludhiana, Jalandhar and periphery of Chandigarh, he said the company wanted to develop this project on PPP mode in the wake of high land prices in the state.
"Land is quite costly in the state (Punjab) and it will not be feasible to develop low cost housing project viable…we are trying to develop houses in affordable segment in Punjab on PPP mode and we have also held preliminary meetings with state government officials in this regard," he said.
Smart Value Homes, a subsidiary of Tata Housing, is already undertaking development of affordable homes project in Maharashtra. The company is also in talks with Karnataka government for setting up ‘Value Homes’ on PPP mode. It also intends to set up a value homes project in Gujarat over 100 acres of land.
Smart Value Homes offers homes in the range of Rs 5 to Rs 7 lakh (400-600 square feet area) and Rs 10 to Rs 25 lakh (700-1200 square feet), respectively.
Tata Housing also intends to come up with a luxury housing project in HP. "We want to develop this project on the outskirts in Himachal Pradesh and for which we require 5 to 10 acres of land," he said.
Tata Housing is in the process of developing 45-50 million square feet of an area in several states like Mumbai, Kolkata, Pune, Goa etc. "Out of total area (45-50 million square feet), 15-16 million square feet will developed by Smart Value Homes," he said.
Banerjee added the Tata Housing had been witnessing over 100 per CAGR in past three years.