Aiming at a pan-India presence, real estate developer Tata Housing Development Company, a division of the $ 70.8 billion Tata Group, on Tuesday announced its foray into this southern metropolis with investment plans of Rs. 1,500 to Rs. 2,000 crore.
“We would like to announce the first landmark development in Chennai — Crescent Lake Homes. It is our first project in Chennai and part of integrated development...,” the Mumbai-based company’s Managing Director and CEO Brotin Banerjee told reporters here.
The company would invest around Rs. 650-700 crore for developing 2,200 housing units, 960 apartments, including one, two and three bedrooms in the first phase, he said, adding the inaugural ceremony would happen in another two-three months.
The first phase will be completed in 24 months and in the second phase the company proposed to build row-type villas, three and four bedroom apartments.
The project would come up in the industrial corridor of Oragadam situated about 45 kms from Chennai. “It is a developing area with lot of MNCs present in the locality ...,” he said.
“This is a four year project and the entire housing apartments will have 2,200 units,” he said.
The project coming up on a 25 acre site would be subjected to the Indian Green Building Council conditions and would be of ground plus 18 floors apartments. It would have a school, party hall, primary health centre and recreational facilities.
“The cost (of housing) ranges between Rs. 14 lakh to Rs. 35 lakhs,” he said.
Asked about future expansion plans, Mr. Banerjee said they were keen on setting up a few more projects comprising of value homes and luxury homes in Chennai for which it would invest Rs. 1,350 crores approximately. Houses in the upcoming projects would be in the range of Rs. 6-35 lakh and it will be very much in Chennai and the outskirts.
The company has also planned to approach the Tamil Nadu government for setting up projects under PPP (Public Private Partnership) mode, he said. It had already inked an agreement with the Assam government for constructing value homes.
He said they have also planned for a couple of residential projects in Hyderabad and added that their first phase of handing over the residential apartments in their tallest residential towers in Bangalore (which has ground plus 35 floors) would begin next month.
The company, which has projects in various cities, including Mumbai, Pune, has constructed a total area of 1.23 million square feet and sold 2.83 million square feet last year, he said. They have also planned to focus on Tier-II and III cities as part of making a pan-India presence, he added.