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Tata Housing which is the Tata group's real estate arm plans to invest around ₹1,200 crore over the next two years to acquire land outright and through joint ventures across major cities to develop group housing projects as well as for plotted development.
Tata Housing has recently launched a project 'Swaram' at Devanahalli in Bengaluru, Dutt said, adding that the plots were sold out within 36 hours of its launch. "We sold all 157 plots for ₹130 crore," said Tata Realty and Infrastructure CEO & MD Sanjay Dutt.
Tata Realty and Infrastructure CEO & MD Sanjay Dutt in an interview with PTI noted that the demand for plots has increased significantly during the pandemic and highlighted that the company has sold all 157 plots in Bengaluru for ₹130 crore.
"We are planning to invest ₹1,200 crore over the next 12-24 months to acquire lands for premium residential spaces along with plotted development," he said.
The Swaram project is a part of Tata Housing's 140 acre township 'Carnatica' developed by One Bangalore Luxury Projects LLP, a joint venture between Tata Housing Development Company Ltd and M S Ramaiah Realty LLP.
Located in Devanahalli, 15 mins away from the Kempegowda International Airport, Bangalore, the project has pre-engineered plots with wide roads and energy efficient street lighting. The mixed-use development will be built around three main themes: technology, sustainability, and social. The goal would be to create a city where technology is in harmony with nature, where "smart" is in sync with sustainability, and social interaction is facilitated by structures such as parks and high-street retail. People will be encouraged to not only use smart devices but also to be social and live amongst nature which can help enhance the livability quotient.
Sanjay Dutt, CEO & MD, Tata Realty and Infrastructure, said, “Driven by Innovation, we have been sprinting towards creating properties that offer greater value to the evolving needs of new-age home buyers. Carnatica is one of our biggest projects in Bengaluru that will redefine the millennial home buyer’s demand in the region. North Bengaluru has remained a hotbed of development, particularly after the expansion of KIAL in 2014. The launch of Swaram as the first phase of Carnatica will further augment the real estate value of North Bengaluru."
This is the second plotted development project of the company after Crescent Enclave in Chennai.
The company is open to go for outright acquisition of land parcels as well as forming joint development agreements (JDAs) with land owners. It is exploring land banks ranging from 12 acres to 200 acres.
Tata Realty is aggressively focusing on large-scale developments in both commercial and residential segments.
