Tata Housing is planning to allocate Rs 1,200 crore for plotted development projects across Mumbai, Pune, Bengaluru, NCR and Kolkata in the next 12-24 months, the company said in a statement.
“A total of Rs 1,200 crore will be allocated to acquire the lands for premium residential spaces along with plotted development in the next 12-24 months. Tata Realty is sprinting aggressively towards large-scale developments in both commercial and residential, land bank of 12 acres to 200 acres is being explored,” it said in a statement.
“A land parcel of 20 acres near Sohna Road, Gurugram, Haryana is also allocated for plotted development with a vision to create 200 -250 plots, the land is owned by Tata Realty. With this Tata Realty is eyeing at 20 percent to 30 percent revenue generation from plotted developments by FY 2023- 2024,” it said.
The company also said that as many as 157 plots have been sold by Tata Realty in Bengaluru and Rs 130 crore has been generated in revenue.
Swaram by Tata Housing, a new project located at Devanahalli in Bengaluru, was sold out within 36 hours of its launch. Clocking a revenue of over Rs 130 crore, Swaram managed to sell all 157 plots, it said.
Swaram will be located at the heart of an upcoming mega city Carnatica, a mega development in North Bengaluru. With Crescent Enclave in Chennai, Swaram in Bengaluru is the second plotted development by Tata Realty that has managed a full sell-out this year, it said.
Commenting on the launch, Sanjay Dutt, CEO and 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.”
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