Online edition of India's National Newspaper
Wednesday, Oct 27, 2010
ePaper | Mobile/PDA Version
Google



Business
News: ePaper | Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Retail Plus | Classifieds | Jobs | Obituary |

Business Printer Friendly Page   Send this Article to a Friend

Tata Housing to develop residential projects in Chennai

Special Correspondent

Plans to invest Rs. 2,000 crore in the current year


Phase I to have

960 apartments

To tie up with

local land owners




Brotin Banerjee

CHENNAI: Tata Housing, the real estate developer for all consumer segments, has made a foray into the Chennai residential market. It plans to invest nearly Rs. 2,000 crore in the current fiscal. It proposes to develop nearly three to four million sq. ft in the next few years.

Addressing a press conference here on Tuesday, Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing Development Company, said the proposed investment included Crescent Lake, an integrated township project, spread over 25 acres at Oragadam. The company proposed to develop 2,200 residential units in the next four years. The price range of the flats would be around Rs 14 lakh to 35 lakh. The project cost was estimated to be Rs. 650 to700 crore.

Mr. Banerjee said the phase I, would have 960 apartments with six high rise towers offering 1 BHK (bedroom-hall, kitchen), 2 BHK and 3 BHK apartments with a minimum size of 570 sq. ft. and a maximum of 1,406 sq. ft. The cost of the apartments would be Rs. 2,500 per sq. ft. The second phase would have row houses and 3 BHK and 4 BHK apartments. The company was planning to tie up with the local land owners and develop projects here. It would take up two more projects — large value home townships on 40 to 50 acres, priced around Rs 6.5 lakh to Rs 35 lakh and a premium project in Chennai

Project in Hyderabad

Tata Housing would also develop a residential project in Hyderabad on 30 acres. It would rope in a joint venture partner who would bring land for the project.

Mr. Banerjee said the company had initiated talks with the state government to promote affordable housing projects through public private partnership (PPP) model. Already the company had entered into an MoU with the Assam Government to create commercial developments in the state. The first MoU was signed between Tata Housing and The Department of Industries and Commerce of Assam for creation of commercial space, including business parks and IT buildings in the state. The second MoU was signed with the Guwahati Metropolitan Development Authority (GMDA) for developing a township and other infrastructure projects under the PPP model within the State.

Printer friendly page  
Send this article to Friends by E-Mail



Business

News: ePaper | Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Retail Plus | Classifieds | Jobs | Obituary | Updates: Breaking News |


News Update



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | Publications | eBooks | Images | Ergo | Home |

Copyright 2010, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu