Tata Housing forms JV for 3-acre project in Kolkata

Company has enhanced its land bank of premium locations through JV with Keventer group

Realty firm Tata Housing today announced a joint venture with Keventer group for a 3-acre luxury residential project in Kolkata.

"Tata Housing has enhanced its land bank of premium locations through JV with Keventer group for a 3 acre (approx) land parcel at New Alipore in Kolkata," the company said in a statement.

With realty sector facing slowdown, Tata Housing said it has been utilising this opportunity to strengthen land bank to create ultra-luxury projects across prime locations in major metros across the country.

Commenting on the announcement, Tata Housing MD & CEO Mr, Brotin Banerjee said: "We believe this is the right time to increase our foot print of quality land parcels in city centers of major metros as the demand will start picking with improvement in macro economy by end of this year."

This joint venture is in line with Tata Housing's vision to expand their presence in the fast growing segment, he added.

Keventer group Managing Director Mayank Jalan said: "We are extremely delighted to partner with Tata Housing for this land parcel. This is just the beginning of our long term relationship with Tata Housing and we will be doing many more projects."

Tata Housing, a subsidiary of Tata Sons Ltd, has 70 million sq ft under various stages of planning and execution and an additional 19 million sq.Ft in the pipeline.

Keventer group has diverse interests in dairy, beverages, real estate and infrastructure.