Tata Housing Development Company Ltd, a leading real estate development player, and Arvind Ltd, the largest integrated lifestyle apparel and textiles company in India, announced the formation of a 50:50 joint venture to develop an integrated township project near Ahmedabad on Friday.
Tata Housing had entered into an MoU with the State Government, during ‘Vibrant Gujarat 2011' in January, to invest Rs 1,000 crore in developing two integrated townships. The 134-acre Tata-Arvind township will be one of them.
A year ago, Arvind Ltd had announced diversification into the realty sector by unlocking its 600-acre land bank in and around Ahmedabad and had also formed a JV with B. Safal Group for a Rs 225-crore project in the Khokhra area of the city.
Arvind has entered into strategic partnership with Tata Housing as well for another project.
Mr Rajeev Dash, Marketing Head, Tata Housing, told Business Line that it will take about a month's time to calculate the likely investments to be made in the venture signed with Arvind. That, he said, would depend on the product mix to be offered and the market surveys to be conducted.
Projects under way
“Our projects in Gujarat will be developed as per the Indian Green Building Council (IGBC) guidelines , said Mr Brotin Banerjee, Managing Director and CEO, Tata Housing. The company, he added, is developing over 4.50 crore sq.ft which is under various stages of development built under the IGBC guidelines.
The Tata-Arvind township project will have a built-up area of more than 90 lakh sq.ft and is located on the western outskirts of Ahmedabad. The township will include residential, commercial and retail spaces apart from a hospital, a school and other civic amenities. It will be planned and designed to become a benchmark infrastructure project in Gujarat.
Arvind Ltd now has three running realty projects in the city, including a residential project in eastern Ahmedabad having a built up area of around 3 million sq.ft.