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Tata Housing is planning to invest nearly Rs 2,000 crore in real estate projects by December 2015. About half of the investments would be in Tata Value Homes, a 100 per cent subsidiary of Tata Housing Development, which focuses on affordable housing segments.
Speaking at a press meet for launch of Adwita, a Tata Value project in North Kolkata, Brotin Banerjee, managing director and cheif executive officer, Tata Housing, said, so far under the Tata Value brand, the company had invested nearly Rs 3,000 crore in five projects across India. Tata Value has introduced two pan-India brands-Shubh Griha (value homes) and New Haven (affordable homes).
"We plan to invest between Rs 1,500-2,000 crore, by the end of this calendar year. About half of the investments in Tata Value Homes," said Banerjee. On Tuesday, Tata Value launched Adwita under development manager model with Kolkata-based Square Four Group. Under the deal, Tata Value will undertake the role of project manager for marketing, consultancy, designing, constructing and selling the units.
The total investment in the project is estimated to be close to Rs 1800 crore, which will be mostly borne by Square Four Group. This will be Tata Value's first real estate project under the development management mode. The residential-cum-commercial project will be spread over 25 acres on B T Road in North Kolkata. Tata Value is planning to execute similar model in Delhi, Mumbai and Bangalore.
The site in which Adwita is being built had been lying as a closed factory for quite some time, when around 1995, Ganesh Kumar Singhania of Square Four Group purchased the land for an undisclosed amount. Last year, the company entered into a development management contract with Tata Housing.
