Tata Housing to invest Rs.1.5 bn in Chennai

CHENNAI - Tata Housing Development Company Ltd, which is making its foray into the Chennai residential market, plans to invest around Rs.1,500 crore, a company official said Tuesday.

The company is also in talks with various state governments to promote affordable housing projects.

“During the current year, we will invest around Rs.1,500 to Rs.2,000 crore,” the company’s managing director and CEO Brotin Banerjee told reporters here, after launching the company’s flagship project, Crescent Lake Homes - an integrated township project.

Banerjee said the company is planning to construct 2,200 residential units over the next four years in the Crescent Lake project, spread over 25 acres of land at Oragadam near here. The apartments will be priced between Rs.1.4 million and Rs.3.5 million.

Banerjee said the company is planning a mixed township spread over 40 to 50 acres here.

The firm is also planning to develop a residential project at Hyderabad, in joint venture with a partner who will bring land for the project.