Real estate developer Tata Housing Development Company on Wednesday proposed to set up two residential projects in Punjab and Himachal Pradesh with an estimated investment of Rs. 1,000 crore.
“We have plans to set up two (residential) projects in Punjab and Himachal Pradesh, which will involve an investment of Rs. 1,000 crore,” company’s MD and CEO Brotin Banerjee told reporters here on Wednesday.
Tata Housing, which is a subsidiary of Tata Sons Limited, is keen to build affordable and value homes in Punjab on Public Private Partnership mode over an area ranging 30-60 acres of land and a luxury housing project in Himachal Pradesh up to 10 acres of land.
“About 60 to 65 per cent of our investment (Rs. 1,000 crore) will be made in Punjab and rest in HP,” he said.
Stating that the company was looking to develop affordable homes in Ludhiana, Jalandhar and periphery of Chandigarh, he said the company wanted to develop this project on PPP mode in the wake of high land prices in the state.
“Land is quite costly in the state (Punjab) and it will not be feasible to develop low cost housing project viable...we are trying to develop houses in affordable segment in Punjab on PPP mode and we have also held preliminary meetings with state government officials in this regard,” he said.