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| Tata Realty eyes Rs 10k-cr revenue |
| Raghavendra Kamath / Mumbai May 28, 2009, 00:33 IST |
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Tata Realty and Infrastructure (TRIL), a unit of Tata Sons, expects to earn Rs 10,000 crore in revenues from its housing and commercial projects in the next four years, a top company official said.
The company will have 60-70 per cent of its portfolio from the residential segment, with the rest coming from office and retail properties by 2013.
The company is planning to foray into the residential space this year with its projects in Mumbai and Gurgaon and plans to build a slew of housing projects in cities such as Bangalore, Kochi, Nagpur, Chennai and Gurgaon in the next couple of years, the official said.
TRIL has plans to develop 6-7 million square feet of new residential projects in 3-4 years, with 2 million square feet being planned in Mumbai, which will have three-four projects, while Bangalore will have two projects, he said.
At the same time, Tata Housing (THDC), the Tata Sons unit which recently announced its low-cost housing project ‘Shubh Griha’ in Mumbai, is planning to build around 4,000 homes across other cities in the next four years, targeting industrial workers and other low-wage earners.
But the TRIL official said there would not be any conflict of interest between TRIL and THDC.
“There will be no conflict. We will avoid the places where they (THDC) are launching projects,” said Suraj Kulkarni, head of business development, TRIL.
“We would come up in the affordable housing segment, which will be competitively priced,” he added. Unlike THDC, TRIL’s housing projects will be FDI-compliant and will be in the region of 0.5 million square feet and above, he said.
The real estate and infrastructure businesses of TRIL may be carved into separate entities in the future as investors might like to see two separate companies after the company raises a $1-billion infra fund, said another company official.
TRIL’s plans come at a time when top real estate developers — such as DLF, Unitech, HDIL and others — have lined up a slew of mid-income housing projects, which are over 60 million square feet in all, in the current financial year.
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