New Delhi: Realty firm Tata Housing will invest about Rs 600 crore to develop a new residential project at Bahadurgarh, Haryana.
The company has tied up with a local developer, who owns 21.7 acres of land, to develop this housing project comprising 800-1,000 units.
Tata Housing subsidiary Tata Value Homes said in a statement it has entered into Delhi NCR's affordable housing market with the launch of this project in Bahadurgarh. The apartment price starts from nearly Rs 50 lakh.
Tata Housing did not mention the total investment to develop this project, but sources said it would be about Rs 600 crore.
The company has received all the necessary approvals to develop this project and construction works would start soon, they added.
"Situated in close proximity to both Gurgaon and New Delhi, Bahadurgarh has the potential of being the hub for the value and affordable housing segment in the NCR area," Tata Housing managing director and CEO Brotin Banerjee said.
Tata Housing is a closely held public limited company and a subsidiary of Tata Sons Ltd, which holds a 99.86 per cent stake in the realty firm.
It has 70 million square feet under various stages of planning and execution and an additional 19 million square feet in the pipeline.
At present, Tata Housing is developing three projects in Gurgaon.