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Tata Housing to invest Rs.1,000 crore this fiscal

Kolkata, June 11 (IANS) Tata Housing Development Company would pump in Rs.1,000 crore this fiscal to its various projects across the country, a top company official said here Friday.

Sixty percent of the investment will be in the northern and western parts of the country, Managing director and Chief Executive Officer Brotin Banerjee told mediapersons here.

‘Out of the total amount, about Rs.400 crore will be spent on land acquisition and Rs.600 crore on the construction,’ Banerjee said.

A subsidiary of Tata Sons, the company hopes to sell around 45 lakh square feet of built-up area in 2010-11.

The company, which had a compunded annual growth rate (CAGR) of 125 percent and quadrupled its profits in fiscal 2009-10 in comparison to 2008-09, is focusing on the metro and bigger cities.

Among the cities covered by the company are Chandigarh, Delhi, Kolkata, Hyderabad, Chennai, Mumbai and Hyderabad.

The company’s projects are divided into four categories – Shubh Griha apartments priced at Rs.3-4 lakh targeted at the low-end customers, affordable apartments priced between Rs.12-30 lakh, premium apartments costing from Rs.60 lakh to Rs.1.5 crore and luxury apartments priced between Rs.2-Rs.8 crore.

‘We want to build each category of apartments in each of the cities we are working,’ Banerjee said.

The company is constructing 270 residential units at Rajarhat in the north eastern fringes of Kolkata in the luxury category. The project will be completed in 24 months.

Tata Housing is also looking for land in Sonarpur and Baruipur of South 24 Parganas district, Dankuni in Hooghly district and Kona in Howrah District.

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