INDIA  :   Real Estate

Tata Housing invests Rs 400 crore in Goa’s realty market

Saturday , 13 February 2016

Tata Housing is rapidly establishing its base all over the country. It will be investing around Rs 400 crore to develop a mid-income housing project in Goa, as part of its plan to cater to an increasing demand for second homes. It will be a mid-income housing project. This is Tata Housing’s second project in Goa. It had earlier built a luxury villa project, in the tropical paradise. This under-construction project will be built on 7 acres of land, and will have 650 units.

The realty firm is already developing projects in Kasauli (Himachal Pradesh), Lonavala (near Mumbai) and Talegaon (near Pune) aimed at buyers looking for a second home.

In a statement to the media, Brotin Banerjee, MD & CEO, Tata Housing said, “Global exposure and awareness even among the middle-income group, has led to an increasing demand for second homes. Lately, the concept of affordable yet luxury second home is gaining traction amongst the young consumer who intends to showcase his social standing amongst their peers.” He added, that these second homes would offer them a lifestyle equipped with the best in latest amenities, and a healthier lifestyle.

Tata Housing’s Goa project will have 250 units with a starting price of Rs 35 lakh. The construction has begun and will be completed in three years. The towers will be low-rise ones.

Tata Housing is a subsidiary of Tata Sons Ltd. It was formed in 1984, and has around 70 million sq ft of space under development and 19 million sq ft in the pipeline. The group which is developing 4 projects in Gurgaon also wants to enter the Noida market. It is currently in talks with four local builders, which include prominent names in the local market like Logix Group and Lotus Greens.