Tata Housing Development Co. on Friday said it would develop ‘Subh Grah' projects in at least four cities — Chennai, Bangalore, Ahmedabad and Mumbai — in the current fiscal to meet the low-cost housing needs of people. The Tata Group company is also looking at entering international markets through the public-private partnership (PPP) model.
“So far, we have developed three affordable housing projects that have been successful. In 2011-12, we will be doing four such new projects. There is huge demand for low cost housing, particularly in metros and State capitals, which we can meet in partnership with the government. If the government provides us land, we can deliver smart-value homes and low-cost projects to meet housing needs of people,” Tata Housing Managing Director and CEO Brotin Banerjee told journalists here.
Tata Housing, which also announced the launch of luxury housing project Primanti in Gurgaon, comprising 1,100 units, said in the current fiscal, it would invest Rs.1,000 crore towards developing land bank and another Rs.2,000 crore towards construction.
“Last year, we did around 9,000 homes while this fiscal we plan to double this. We will launch 8-10 new projects this year…we are also looking at two new lines of business related to land development,” he said. Notably, Tata Housing is growing at an over 100 per cent CAGR (compound annual growth rate) for the past three years.
Referring to the realty firm's proposed global foray, Mr. Banerjee said: “We are looking for partners to enter into two countries in the SAARC region through the PPP model. Our focus will be affordable housing projects to meet shortage of housing.”
Talking about the Primanti project, Mr. Banerjee said: “The project will be spread in 36 acres and comprise world-class villas and executive floors and apartments, with prices starting at Rs.1.50 crore.”
