Tata Realty and Infrastructure MD & CEO said the government as well as judiciary should hold accountable all stakeholders that are involved in approval and development of real estate project to make things easier.
Under the partnership, CPPIB will acquire 49% stake in two projects — Intellion Park Chennai with 4.6 million square feet of gross leasable area and Intellion Edge Gurugram having 1.8 million square feet of gross leasable area.
Swaram by Tata Housing, a new project located at Devanahalli in Bengaluru, was sold out within 36 hours of its launch.
The Tata Group firm, which focuses on residential, commercial and retail properties in the realty space and large infrastructure projects, is witnessing higher demand, especially for ready-to-move-in residential units now.
Prior to this, Sachdev was associated with Colliers International as the head of occupier services (India) and Managing Director (South India). He has over 20 years of experience in the real estate sector.
Earlier this month, Tata Realty and Infrastructure (TRIL), a wholly-owned subsidiary of Tata Sons set up in 2007, had expressed interest in taking 10 percent stake in Swan LNG Pvt Ltd that is setting up the Floating and Regasification Unit (FSRU) near Jafrabad in Gujarat.
M3M India's subsidiary Mikado Realtors Pvt Ltd had got a formal approval from the Commerce Ministry to develop a 25 acre SEZ for electronic hardware, IT/ITES in Gurgaon with a developable area of 3-3.5 million sq ft.
A final decision on whether to scrap the privatisation process entirely will be taken by the end of this month since August 31 is the deadline for bidders to submit RFQs.
The equity value of the fund is expected to be approximately Rs 1,500 crore. Currently, fund assets have a debt of about Rs 3,000 crore.
Tata Group which was planning to bid for 100% stake in Chennai airport has represented to the government on a cross ownership clause in the RFQ, which may not allow Tata Group arm, Tata Realty and Infrastructure, to participate in the bid at all.