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Tata Housing will develop about one million sq.ft at an estimated Rs 850-900 crore on the public-private-partnership mode with the Maldives Government.
The project will be developed with a local partner, SG18 Developers.
A special purpose vehicle has been formed in which Tata Housing holds 65 per cent and SG18 Developers the rest for executing the project. The public-private-partnership contract with the Government has been inked by the local partner.
Apart from 20 per cent free sale portion, land for developing 1.5 lakh sq.ft of commercial space and a 45-acre island has also been given to the partners for monetisation as part of the deal, said Mr Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing.
He said the Maldives Government had allocated four plots on a long-term lease of 50 years to the partners in Male. Eighty per cent of the apartments have to be handed over to the Government and the remaining can be sold in the open market by the partners.
Tata Housing proposes to build premium luxury villas on the island.
On funding, Mr Banerjee said it would be through internal accruals and debt. All the residential properties are designed by US-based architect F+A.
Mr Banerjee said Maldives, especially Male, has an acute shortage of housing with a long-waiting period, high population density and inadequate infrastructure. To address the shortage, the Maldives Government had launched a $500-million project for developing 10,000 housing units for the people.
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