Tata Housing Development Company Ltd plans to invest nearly Rs 10,000 crore in developing another 40 million sq ft of housing across India in the next three years, a company official said.
This includes the company's plans to invest nearly Rs 3,500 crore in low-cost and affordable housing.
Gujarat townships
The company, which signed an MoU with the Gujarat Government during the Vibrant Gujarat Global Investors' Summit in January 2011, will invest Rs 1,000 crore to develop two integrated townships, Mr Rajeeb Dash, Marketing Head, told
Work on both the projects is expected to star in the next three to four months and it will be executed by Value Housing Ltd, a 100 per cent subsidiary of Tata housing launched in 2010.
Both the projects in Gujarat will have a mix of value and affordable housing. They will be based on Tata Housing's existing projects at Bhoisar and Vasind near Mumbai, he said.
Each of the integrated townships in Ahmedabad will have a total of 4,000 units: while the value homes will be in the price range of Rs 5 lakh-10 lakh, affordable housing units will have the price tag of Rs 10 lakh-25 lakh, Mr Dash said.
Tata Housing is in talks with the State Government and expects to acquire around 100 acres near Ahmedabad for these projects in the next couple of months.
Other states
Apart from the Ahmedabad projects, Tata Housing will invest another Rs 2,500 crore on affordable housing in other States.
“By 2012-13, it plans to develop 40 million sq ft of land in the country. Of this, 20 million sq ft will be developed by Smart Value across tier I and II cities such as Pune and Talegaon.
Another 20 million sq ft of premium high-end projects in major metros such as Chennai and Mumbai and tier-I cities will be developed by Tata Housing.
The company is currently developing about 20 projects across the country.
Fiscal Target
In the current fiscal (2010-11), the company's target was to sell 12,000 units in the affordable segment. Tata Housing had also tied up with Micro Housing Finance Company (MHFC) to provide easy housing finance to the consumers in the informal sectors.
Tata Housing has signed MoUs with various State Governments such as Gujarat, Assam, and Himachal Pradesh to develop affordable housing and have also been invited by countries such as Sri Lanka, Maldives and Nepal to build integrated cities with affordable housing.
Tata Housing's existing portfolio is more than 40 million sq ft in various stages of development.
With the existing presence in Mumbai, Goa, Chandigarh, Bangalore, Gurgaon, Pune, Lonavala, Talegaon, Chennai and Kolkata, it is now in the process of expanding its projects to other parts of India across tier I and II cities.