Tata Housing plans new residential project in Chennai

Tata Housing, the real estate developer for all consumer segments, has forayed into the Chennai residential market. It plans to invest nearly Rs. 2,000 crores in current fiscal. It proposes to develop nearly three to four million sq. ft in the few years. Addressing a press conference here on Tuesday, Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing Development Company Limited, said the proposed investment includes Crescent Lake, an integrated township project, spread over in 25 acre of land at Oragadam, an industrial hub of Tamil Nadu. The company proposed to develop 2,200 residential units in the next four years. The price range of the flats would be around Rs 14 lakh to 35 lakh. The project cost was estimated to be Rs. 650 to700 crore. Mr. Banerjee said the phase I, which would have 960 apartments with six high rise towers offering 1BHK, 2 and 3 BHK apartments with a minimum size of 570 sq ft and the maximum of 1,406 sq. ft. The cost of the apartments would be Rs. 2,500 sq. ft. The second phase would have row houses and 3 and 4 BHKs. The company was planning to tie up with the local land owners and develop projects in Chennai. It was planning to take up two more projects - large value home townships on 40 to 50 acre, priced around Rs 6.5 lakh to Rs 35 lakh and a premium project in Chennai city. Apart from Chennai, the company was planning to develop a residential project at Hyderabad on 30 acres of land. The project would be developed along with a joint venture partner, who would bring land for the project. Mr. Banerjee said the company was talks with various State Governments to promote affordable housing projects. It had initiated talks with the government to promote affordable housing projects through public private partnership (PPP) model. Already the company had entered into a MoU with the Assam Government to create commercial developments in the state. The first MoU was signed between THDCL and The Department of Industries and Commerce of Assam for creation of commercial space, including business parks and IT buildings in the state. The second MoU was signed with the Guwahati Metropolitan Development Authority (GMDA) for developing a township and other infrastructure projects under the PPP model within the State. He said the company was in decision with other State Governments to promote affordable housing projects.