Tata Housing to buy Alstom T&D India's manufacturing space for Rs 120cr

Presence of IT and BPO companies has created an active demand for commercial and residential properties in Bangalore

Tata Housing, the real estate development company from Tata Group, entered into an agreement with Alstom T&D India to buy its manufacturing unit spread across 20 acres in Bangalore for 120 crore.

“As part of our long term strategy, we are looking at expanding our presence in the fast growing city of Bangalore. We are witnessing phenomenal growth in North Bangalore as its commercial and residential market is growing exponentially. With Bangalore, being credited as the 10th most favoured prop investment destination by Asia Pacific, we are planning to launch an ultra-luxury project on this land to cater to the increasing aspiration of “higher living” in the city,” said the company in a statement.

The presence of IT and BPO companies in the city has created an active demand for commercial and residential properties in Bangalore.
 
The agreement with Alstom T&D India was a part of the expansion strategy of the company and is subject to the mutual satisfaction of terms, conditions and obligations mentioned in the ‘agreement for sale’; and is likely to be concluded upon execution of a ‘sale deed’ in three months’ time or earlier," the company said in the filing.