Tata Realty to invest Rs 150 crore to develop ultra-luxury apartments at Delhi's Hailey Road

Representative image

Tata Realty and Infrastructure Ltd is planning to invest around Rs 150 crore to develop ultra-luxury residential spaces near Hailey Road in Delhi. The firm has sought requisite approvals from the New Delhi Municipal Corporation (NDMC) to begin the construction.

"We are hoping to get the approvals by next year. As soon as we get the approvals, we will start the project," Tarun Mehrotra, business head, north & east India, Tata Realty and Infrastructure Ltd, told The Economic Times.

As per the report, the Hailey Road project will comprise around 42 7-star ultra-luxury apartments spread over 1,00,000 sq. ft. of built-up.

Each apartment will have an average size of 2,000 sq ft.

Tata is mulling to bring onboard an internationally renowned designer or architect to design the project.

Read | Too early to predict impact of Omicron variant on real estate sector, say experts

"It will be a super luxury project, and possibly a branded residence," Mehrotra said, adding that the project may go up to 6 floors or even higher if permitted.

NDMC, the Heritage Committee and the Delhi Urban Art Commission are among the organisations involved in approving the Hailey Road project, as per the report.

Mehrotra said that Tata would launch the project in 2022-2023 "if everything goes smoothly".

Also read | Top 7 cities witness over 1,757-acre land deals in a year; MMR and NCR top the list

As per the report, the company has purchased a bungalow on the same plot in 2012 for Rs 218 crore. It had demolished the structure and now expects to launch the project at the same site in FY22-23.

Tata Realty And Infrastructure Limited  is a 100 percent subsidiary of Tata Sons, and serves as a real estate and infrastructure development arm of the group.