Tata Housing said it is intending to introduce around 10 new residential projects in low-cost as well as luxury sectors in 2010-11, making an investment of around Rs 1,200 crore along with its associates.
Brotin Banerjee, Tata Housing Development Company MD and CEO said, “We will acquire about 10 million sq ft of land in this fiscal, in which we will launch the new projects. While some projects will be developed with our joint venture partners, some will be standalone projects”.
He said further, “The company will roll out the projects in different cities, like Chennai, Pune, Mumbai, Kolkata, Ahmedabad and Bangalore.”
Tata Housing constructs residential homes for 4 different economic divisions: ultra luxury (Rs 3-7 crore or Rs 30-70 million), premium (Rs 80 lakh-Rs 2.5 crore or Rs 8 million -Rs 25 million), affordable (Rs 15-50 lakhs or Rs 1.5 – Rs 5 million) and value homes (sub Rs 10 lakhs or Rs 1 million).
Banerjee said, “We usually tie up with some small local partners, who have the land. The investment is also shared accordingly. To develop these 10 million sq ft, we will require about Rs 1,200 crore”. When asked regarding the source of finance, he said it will be a blend of internal accruals, debt and sales revenue.
Currently, the company is constructing around 10,000 housing units covering 18-20 million sq ft throughout the country. Banerjee said many of the projects are being constructed jointly and around Rs. 2,000 crores (Rs 20 billion) is being spent for the conclusion of the projects by 2011.
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