Tata Housing forays into Chennai with Rs 1,500 cr project

Aiming at a pan-India presence, real estate developer Tata Housing Development Company, a division of the $70.8 billion Tata Group, today announced its foray into this southern metropolis with a Rs 1,500-crore project.

"We would like to announce the first landmark development in Chennai -- Crescent Lake Homes. It is our first project in Chennai and part of integrated development...,"  the Mumbai -based company's Managing Director and CEO Brotin Banerjee told reporters here.

In the first phase, the company would invest around Rs 650-Rs 700 crore for developing 960 apartments, including one, two and three bedrooms, he said adding, the ground breaking ceremony would happen in another two-three months.

The first phase will be completed by 24 months and in the second phase the company proposed to build row type villas, three and four bedroom apartments at an additional investment of Rs 750 crore, he said.

The project would come up in the industrial corridor of Oragadam situated about 45 kms from here. "It is a developing area with lot of MNCs present in the locality ...," he said.

"This is a four year project and the entire housing apartments will have 2,200 units," he said.

The project coming up on a 25 acre site would be subjected to the Indian Green Building Council conditions and would be of ground plus 18 floors apartments. It would have a school, party hall, primary health centre and recreational facilities.

 "The cost (of housing) ranges between Rs 14 lakh to Rs 35 lakhs," he said.

Asked about future expansion plans, Banerjee said they were keen on setting up a few more projects comprising of value homes and luxury homes in Chennai. Houses in the upcoming projects would be in the range of Rs six lakh - Rs 35 lakh and it will be very much in Chennai and outskirts.

The company has also planned to approach the Tamil Nadu Government for setting up projects under PPP (Public Private Partnership) mode, he said. It had already inked an agreement with the Assam Government for constructing value homes.

He said they have also planned for a couple of residential projects in Hyderabad and added that their first phase of handing over the residential apartments in their tallest residential towers in Bangalore (which has ground plus 35 floors) would begin next month.

The company, which has projects in various cities, including Mumbai, Pune, last year has constructed a total area of 1.23 million square feet and sold 2.83 million square feet, he said.  They have also planned to focus on Tier-II and III cities as part of making a pan-India presence, he added.