Tata Housing to complete Rs 700-cr project in Odisha by 2020

Eyes Rs 1,000 cr revenue from the project

Tata Housing Development Company, a Tata group firm, plans to complete its Rs 700-crore project in Bhubaneswar by 2020, for which it aims to start construction for its third and final phase by March 2017.

The housing major expects a revenue of Rs 1,000 crore from the project.

“The Phase III of the project- Ariana will be a premium and exclusive development as it is better located within the master plan. The Phase III will offer two BHK apartments, three BHK and Jodi apartments which is a combination of two units for a bigger apartment," Rajeeb Dash, assistant vice president (sales and marketing), Tata Housing told Business Standard.

Investment will be slightly more than Rs 200 crore in the third phase. It will have 350 units in four towers, he added.

In Phase- I and Phase –II, 550 units out of 650 units have been sold, which has seen an investment of Rs 500 crore already. 

Designed by international architects Woods Bagot, the master plan of the project is designed as a horizontal leaf expression and located is 10 km from the Biju Patnaik international airport.

The project will have 12 towers, ranging from 14-19 storeys and are pre-certified by IGBC (Indian Green Building Council). It offers the largest club house in the city spread across 25,000 square feet .

Against our commitments to the customers, the delivery of the units built in Phase–I and Phase-II will be about seven months earlier than our promise. We had promised to deliver by July 2017.The delivery will start by early 2017, he added.

Recently, the company has launched SmartBuy residences plan with flexible payment plans and has sold 63 numbers of apartments through this in approximately 100 days.

“We are looking for expansion in Bhubaneswar. Tata Housing is scouting for land parcel to go for affordable housing products," added Dash.