Tata Housing said it has signing its first public private partnership venture in association with the Bhubaneswar Development Authority (BDA) to develop residential space on 12 acres in Bhubaneswar. The projected revenue for the development is Rs 700 crore.
Mr Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing said, “As part of our long term strategy, we are looking at expanding our presence in the fast growing tier-II cities. With Bhubaneswar being ranked the fifth fastest growing Indian city in terms of real estate, our plan to launch the first of its kind premium living venture here is befitting of our longer term commitment to the city.”
Tata Housing said Bhubaneswar has seen a considerable rise in demand for real estate with an acute shortage of high-end residential homes. Further, many large IT companies such as TCS, Infosys and Wipro had set up development centres in the city. The deal was concluded through a competitive bidding process.