TCG plans to invest Rs 1,500 crore in 7 cities

TCG Developments India, a real estate developer promoted by New York-based The Chatterjee Group, will invest Rs 1,500 crore in seven cities in the country over the next three years.

In that time, the firm aims to sell 5 million sq ft of built space in the 'super seven' cities, and has so far invested Rs 300 crore. The firm has notched up a million square feet in the metros, Bangalore and Pune.

The group is currently into commercial real estate with a focus on knowledge sector, especially ITES, BPO and life science sector in India mainly in leasing, maintaining properties and portfolio management.

"For achieving the five million target, we plan to focus on 'super seven' cities "� Bangalore, Mumbai, Delhi, Chennai, Kolkatta, Hyderabad and Pune," said Balaji Rao, managing director, TCG Urban Infrastructure Holding Limited.

The first phase of a technology park in Whitefield here, First Technology Place, has 1 lakh sq feet and houses firms such as Nipuna, Indigo, Stream Net and Invetrogen.

The company is getting ready to complete the second phase of 3 lakh sqft and is likely to take up the third phase by the end of the year, Rao said.

On the company's real estate development strategy in India, Rao said, TCG Developments has taken up 3 lakh sq feet construction in Chennai, 2 lakh sq feet in Delhi, 1 lakh in Pune, 3 lakh and an additional 3 lakh sq feet here.

"With no suitable land available in Mumbai and Hyderabad we are exploring other avenues for investments," said Rao.