DELHI: Realty firm Tata Housing will invest about Rs 450 crore over the next four years to develop a new housing project in Kolkata.
This is the company's second project in Kolkata, Tata Housing said in a statement.
Tata Housing, the real estate arm of the Tata Group, would develop more than 700 apartments in the 13-acres project 'Avenida' that is located at New Town, Rajarhat in Kolkata, the company said in a statement.
"With the ever growing appetite for luxury residences with ultra-modern facilities in India, launch of Avenida in Kolkata is in line with our expansion plans to reinforce our presence in the luxury space in Kolkata. We are confident that Avenida our 2nd project will also become a landmark project in Rajarhat," Tata Housing MD and CEO Brotin Banerjee said.
Sources said the total investment in this project is estimated to be around Rs 450 crore over the next 3-4 years.
The construction will start this month and project is expected to be delivered by 2017, they added.
Tata Housing is a closely held public limited company and a subsidiary of Tata Sons Ltd, which holds 99.86 per cent of stake in the realty firm.
The company has 70 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline. It is offering products ranging from Rs 5 lakh to Rs 14 crore.
Tata Housing has presence in Mumbai, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar. It has also ventured into foreign markets such as Maldives and is actively exploring other markets, including Sri Lanka and other South Asian countries