Mumbai: The real estate arm of Tata Group, Tata Housing has evinced interest in acquiring land parcels, including joint development agreements, across the major cities in the country in this fiscal. The company has outlined Rs3,000 crore for same which will be funded through internal accruals.
“This year will be crucial for us. We will be spending at least 50-60 % more on land acquisition and joint development agreements during the year as against FY14. Most of it will be financed through internal accruals,” said Brotin Banerjee, MD & CEO, Tata Housing Development.
Tata Housing has been enhancing its land bank since last year by acquiring land parcels: 7 acres from KEC international in Thane; 20 acres in Bangalore from Alstom T&D India; 1.3 acres at Hailey Road in Delhi and another land parcel at Rajarhat in Kolkata.
The present land purchase would be focused on metro cities – Bangalore, Kolkata, Delhi NCR, and Mumbai – of the country and the new projects would be launched in premium and affordable category.
“Around 65% of the planned launches will be in the premium segment, while the rest will be in the affordable category. Depending on land feasibility, we will decide on the launches,” said Banerjee.
This land acquisition across the country will account for 90 million sq ft of additional property in the next one year via new launches. Last year, the company added around 17-20 million sq ft. Presently, it has around 70 million sq feet under various stages of development across eight states.
Tata Housing projects are spread across Mumbai, Pune, Ahmedabad, Goa, Bengaluru, Chennai, Gurgaon, Chandigarh, Kolkata and Bhubaneswar. The company is further exploring opportunities in international markets like Sri Lanka and other South Asian countries following its venture into Maldives.
EPC World News Bureau
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