Tata Housing and Arvind Real Estate will jointly develop an integrated residential township on 135 acres in Ahmedabad.

The land parcel is owned by textile manufacturer Arvind, which is part of the 100-year-old Lalbhai Group.

Total investment in the 50:50 joint venture under the banner of Arvind & Smart Value Homes, will be Rs 1600 crore and revenue expectation Rs 2,200 crore.

The project will follow an integrated sustainable township approach. It will come up along the Vadsar-Kalol Road, near Arvind Mills campus. It will offer one RK, one BHK and 1.5BHK apartments in the range of 293 sqft to 457 sqft (carpet area), priced between Rs 7.92 lakh and Rs 12.33 lakh.

CONSUMER FOCUS

Mr Brotin Banerjee, Managing Director and Chief Executive Officer, TATA Housing, said, “Following the success of Shubh Griha at Boisar and Vasind in Maharashtra and coupled with an extensive consumer demand from the low and medium income consumer segments, we are happy to bring this iconic and successful brand for the people of Gujarat. We are proud to partner with one of the most respected business groups of India. As part of our long-term strategy, we are looking at establishing our presence in the emergent Tier I and Tier II cities. This partnership with Arvind Limited will help us tap into Gujarat, an important market for township projects.”

Mr Sanjay Lalbhai, Chairman and Managing Director of Arvind Ltd, said,“Arvind is excited and proud to have joined hands with Tata Housing in Gujarat for this mega project. This project and partnership with the Tatas is one more endeavour from Arvind to enhance the lifestyles of consumers across varied segments.”

Following the integrated sustainable green township approach, Shubh Griha at Ahmedabad will be pre-certified Gold by the Indian Green Building Council (IGBC).

Tata Housing said ‘Shubh Griha' is a cost efficient, quality product that has been developed post in-depth research and understanding of the consumer needs. India faces a total shortage of 26 million dwelling units, with more than 70 per cent of this in the middle and low income segment.

comment COMMENT NOW