Tata Housing purchased 7 acre land in Mumbai for Rs 214 crore
As per a source, Tata Housing has signed an agreement with KEC International to purchase 7.3-acre land parcel in Thane. Further, the Tata Housing which is a real estate wing of Tata Group will develop premium homes on the land and expects Rs1,300 crore revenue from this project.
KEC International is world famous infrastructure engineering, procurement and construction (EPC) company which has its presence in the verticals of power transmission, power systems, cables, railways, telecom and water. Mainly, Tata Housing enters into Joint Venture with land owners but in this case the company has modified its strategy and has now started buying land outright.
Tata Housing had recently purchased a 20 acre land parcel in north Bangalore from Alstom and a one acre land parcel at Hailey road in Delhi.
Due to downfall in the real estate market, Maldives is utilizing this opportunity to purchase quality land parcels at marquee locations to increase its presence in the premium and super premium segments across main markets in the country.
Steel major Tata Steel has sold its 25-acre Borivali land to Oberoi Realty for Rs 1,155 crore. While in 2012, Lodha Group had acquired a 17-acre land parcel at Lower Parel from DLF for Rs 2,725 crore.
Tata Housing is a wing of Tata Sons which holds 99.86 percent shares in the realty firm.
The firm is developing 70 million sq ft of area and an additional 19 million sq ft is in pipeline. It has moved in to Maldives market and is actively utilizing other markets including Sri Lanka and other South Asian countries.
Source: The Financial Express
Alstom, Bangalore, Borivali, DLF, EPC, Joint venture, JV, KEC International, Maldives, Oberoi Realty, South Asian countries, Sri lanka, Tata Group, tata sons, Tata Steel
