 "Tata Housing plans Rs 130-170 cr villas in the heart of Delhi")
Realty major Tata Housing plans todevelop a super luxury residential project in the heart ofnational capital comprising 4-5 expensive villas in a pricerange of Rs 130-170 crore each.
Tata Housing, the real estate arm of the Tata Group, hasdecided to develop 4-5 signature villas on the 1-acre bungalowthat the company had bought in 2012 on Hailey Road nearConnaught Place for about Rs 250 crore, sources said.
The company plans to launch these 4-5 villas inMarch-April, each carrying a price tag between Rs 130 and Rs170 crore, which could be one of the most costliest villasoffered in the primary market, they added.
[caption id=“attachment_651659” align=“alignleft” width=“380”]  Representational Image[/caption]
Tata Housing is in an advanced stage of talks withdesigners from France and Italy to craft signature villas inthis project, sources said, adding that the tie-up could bewith one or more international interior designers.When contacted, the company spokesperson declined tocomment.
This posh location has seen a number of Rs 100-crore plusproperty deals in the last few years.Tata Housing is present in the Delhi-NCR region with threeprojects in Gurgaon. This would be its first project in thenational capital.In Delhi, there are very few projects from organised
developers such as DLF’s Capital Green near Moti Nagar andParsvnath’s housing project at Civil Lines.
Riding high on the successful launch of super luxuryprojects ‘Gurgaon Gateway’ and ‘Primanti Garden Estate’ thisyear in Gurgaon, Tata Housing is looking to expand itspresence in this fast growing region.
Impact Shorts
More ShortsThe company has devised a strategy to buy marquee land todevelop ultra-luxury projects rather than entering into ajoint venture with land owner.
Tata Housing recently entered into an agreement withAlstom T&D India to buy its manufacturing unit spread across20 acres in Bangalore for Rs 120 crore to launch anultra-luxury project on this land.It also emerged as the highest bidder for the LincolnHouse property with a bid of Rs 850 crore.
Tata Housing is a subsidiary of Tata Sons, which holds99.86 per cent stake in the realty firm. Since it’s revival inlate 2006, Tata Housing has evolved into one of the fastestgrowing real estate development company in India.With presence in 13 cities and products ranging from Rs 10 lakh to Rs 150 crore, the company has 70 million sq ft of areaunder various stages of planning and execution and anadditional 19 million sq ft in the pipeline.
The company is now in the process of expanding footprintsto other parts of India across tier I and II cities. It hasventured into foreign markets such as Maldives and is activelyexploring other markets, including Sri Lanka and other SouthAsian countries.
PTI
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