Mumbai-Based Tata Housing Development Company, the property development arm of the Tata group, is now expanding its real estate operations beyond the financial capital. In the past, 90% of the groups projects has been concentrated in Mumbai. However, besides Mumbai, they are now actively looking at locations such as Bangalore, Gurgaon, Noida, Chandigarh, Kolkata, Hyderabad and Goa as lucrative destinations for their realty projects.
In fact, the company had recently entered into a joint venture with Delhi-based Raheja Developers to develop Raisina Residency, a premium residential project in Gurgaon. It is estimated that an investment of Rs 750 crore has been earmarked for the project, construction of which is expected to begin soon. The project boasts of being conceptualised as a premium residential complex revolving around art and culture.
Says Sanjay Joshi, VP, marketing and sales, Tata Housing Development Company: There is a large income potential in a location such as Gurgaon which has almost come on par with Bangalore as an IT destination. In terms of growth incentives too, it is good since Haryana offers a lot of sops for infrastructure to come in. We are looking for a presence across India and would like to touch a revenue figure in excess of Rs 2,500 crore in a span of three years.
The company, which has only one retail project so far in Bangalore, plans to include malls and high streets in all its upcoming township projects. It, however, doesnt have any immediate plans of entering the speciality mall segment.