DELHI: Realty major Tata Housing today said it will invest over Rs 700 crore to develop a new housing project in Chennai.
The company would develop 1,600 flats in this project, spread over 15 acres. Tata Housing said in a statement that its subsidiary Tata Value Homes would develop this affordable housing project under the brand 'New Haven'.
"Tata Value Homes launches New Haven at Mambakkam with an investment of over 700 crore," the company added. Tata Housing had formed Tata Value Homes in 2010 to build value and affordable housing. "With the ever growing appetite for affordable residences with premium facilities in India, launch of New Haven in Chennai is in line with our expansion plans of this pan Indian brand across top 8 cities in India," Tata Housing Managing Director and CEO Brotin Banerjee said.
This is the fourth project under this brand. The other three are at Boisar, Bangalore and Ahmedabad. Tata Value Homes has introduced two pan-India brands - Shubh Griha (value homes) and New Haven (affordable homes). Tata Housing is a subsidiary of Tata Sons Ltd, which holds 99.86 per cent stake in the realty firm.
The company is developing 70 million sq ft of area and an additional 19 million sq ft in the pipeline. It is offering products ranging from Rs 5 lakhs to Rs 14 crores. With strength of over 650 employees, Tata Housing has presence in Mumbai, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar. The company has ventured into foreign markets such as Maldives and is actively exploring other markets including Sri Lanka and other South Asian countries.