Tata Housing to fund Rs 700 crore residential project in Chennai
The Tata Housing says that they were planning to invest Rs 700 crore to develop a new residential housing project in Chennai
The planning to construct 1,600 flats in this project which is spread over 15 acres. The Tata Housing says that its subsidiary Tata Value Homes would develop this affordable housing project under the brand ‘New Haven’.
The company also added that the Tata Value Homes is launching New Haven at Mambakkam with an investment of over 700 crore.
Mr. Brotin Banerjee, Tata Housing Managing Director and CEO, says that with the increasing demand of affordable residences with premium facilities in India, after the launch of New Haven in Chennai, they are planning to expand over top 8 cities in India.
This is the fourth project under this brand. The other three projects under this brand are at Boisar, Bangalore and Ahmedabad. The group has launched two brands– Shubh Griha (value homes) and New Haven (affordable homes). The Tata Housing is a subsidiary of Tata Sons Ltd, which has 99.86 percent share in reality firm.
The company is constructing 70 million sq ft of area and an additional 19 million sq ft is in the pipeline. This will provide the product ranging from Rs 5 lakhs to Rs 14 crores. The company has the strength of more than 650 employees in Mumbai, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar. The company has also ventured in the foreign markets like Maldives, Sri Lanka and other South Asian countries.
Source: The Economic Times
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