Kolkata: The Tata group has increased its presence in the city real estate space by entering into a tie-up with a local real estate group for a 25-acre project which will house 3,500 families at an investment of Rs.1,800 crore.
The project is coming up on a land of closed industrial units. Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing, however, said that presently the group did not have plans to try out similar land parcels elsewhere.
The project is being developed by Tata Value Homes, a wholly-owned subsidiary, along with Square Four Group. While the investment would be made by Square Four, the conceptualisation, marketing and management would be by the Tatas. Tata Value Homes seeks to focus on affordable housing, and plans to invest Rs.2,500 crore over the next three years.
This deal marks the introduction of the first large-scale integrated township condominium development by Tata Value Homes in Kolkata, and will help catapult the Kolkata residential market into high growth one, according to a real estate consultancy firm. The project is located on 25 acres on the city’s northern fringes. Tata Housing has two projects in city.