Tata Housing to invest Rs 700 cr in Ariana project

The premium housing project spread over 12 acres of land, consists of 16 towers having 1,090 dwelling units

Tata Housing Development Company, a Tata group firm, will invest around Rs 700 crore in its newly launched premium housing project –“Ariana” in Bhubaneswar, said a company official.

Spread over 12 acres of land, the new project will consist of 16 towers having 1,090 dwelling units. The project, being developed in association with Bhubaneswar Development Authority (BDA), would comprise of one to four BHK flats and penthouses.

The built up area of 1 BHK, 2BHK and 3BHKflats will be 675 square feet (sq ft), 700-1450 sq ft and 1600 sq ft respectively. The 4 BHK flats and penthouses will be spread over 2200 sq ft.

“ The customers will be charged Rs 4,000 per sq ft across segments and the first phase construction will be completed by May 2016,” Rajeeb Kumar Dash, Head-Marketing Services of the company told media persons on the sideline of ground breaking ceremony of the newly launched project.

The second phase of the project will be rolled out in next one and half year and will comprise mainly of 4-BHK flats and few penthouses, he added.

Designed by international architects Woods Bagot, the housing project will have modern amenities like swimming pool, sauna steam and spa, a 25,000 sq ft club house etc. Planned in a leaf like structure, the master plan of Ariana is certified by Indian Green Building Council (IGBC).

The realty major is also exploring opportunities to start affordable projects in eastern India under Smart Value Homes Ltd (SVHL), a 100 per cent subsidiary of the company. “We are ready to start projects under Smart Value Homes in Jharkhand, West Bengal, Odisha spread over 50 – 60 acres of land having better public transport connectivity as the low cost townships are to come up at city outskirts,” said  Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing.