Tata Housing, the real estate arm of the Tata group, plans to invest Rs 1,200 crore over the next two years to acquire land outright and through joint ventures across major cities for group housing projects and plotted development, which has gained traction in the wake of the COVID pandemic. Sanjay Dutt, the company’s CEO and MD, stated that demand for plots has increased significantly as a result of the pandemic, and that the company has sold all 157 plots in Bengaluru for a total of 130 crore.
The ‘Swaram’ project by Tata Housing was recently launched in Devanahalli, Bengaluru. Because the project is 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, the plots were sold out within 36 hours of its launch. After Crescent Enclave in Chennai, this is the company’s second plotted development project.
The company is now looking to launch plot projects across all major cities, including Delhi-NCR, Mumbai, Bengaluru, Pune, and Kolkata, thanks to the success of its plotted development projects. In terms of the newest project, it will acquire lands for premium residential spaces as well as plotted development in the next 12-24 months. The company is looking at land banks ranging from 12 acres to 200 acres and is open to outright acquisitions as well as forming joint development agreements (JDAs) with landowners.