Real estate developer Tata Housing Development Company, which builds projects ranging from affordable to luxury, will add another 6-10 million square feet of new development this year.
Separately, the Tata group company intends to build a total of 20 million sq ft in the next two-three years, adhering to Leadership in Energy and Environmental Design (LEED) and WELL Building standards.
“We will acquire new projects of about 6-10 million sq ft this year, but we will not monetise them this year. For monetisation, it would take another 18 months or so as we need to get approvals,” Tata Housing Managing Director and Chief Executive Officer, Brotin Banerjee, said.
“Over the last two-three years, the industry has seen muted demand. But I think if you price it right and package it right, there will be enough demand,” he said.
At present, the company has more than 60 million sq ft under construction across the country, including two overseas projects, one in the Maldives and another in Sri Lanka.
WELLNESS SEGMENT FORAY
Tata Housing has also forayed into the wellness home segment with the launch of Serein, a 1 million sq ft project in Thane, Mumbai.
It has partnered the US Green Building Council (USGBC) and Green Business Certification Inc (GBCI) to develop wellness residences, in accordance with Leadership in Energy and Environmental Design (LEED) and the WELL Building Standard.
“We will complete Serein in the next 3-4 years, while simultaneously we will be working on a 9-10 million sq ft project in Bengaluru and another 4 million sq ft in Colombo,” Banerjee added.
LEED is a popular green building certification programme developed by USGBC and WELL Building Standard is a system for measuring, certifying and monitoring the performance of building features that impact health and well-being.