Tata Housing Development Company is planning to come up with Affordable housing projects by December 2015. The company had already invested nearly Rs.3,000 crore in five projects across India. Tata Value has introduced Subh Griha and New Heaven projects, where Subh Griha denotes Value Homes and New Heaven denotes Affordable homes.
Out of the five projects, one is located in Kolkata. This will be Tata Value’s first real estate project under the development management mode. The project will be residential-cum-commercial will be spread over 25 acres on B T Road in North Kolkata. Also the subsidiary of Tata housing would provide managerial and technical expertise including ground support. A total investment of Rs.1800 crore is estimated which will be mostly borne by Square Four Group.
According Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing would invest Rs 2,500 crore to Rs 3,000 crore for building premium and affordable housing projects in the coming years. Besides Kolkata, Tata Value is planning to execute similar model in Delhi, Mumbai and Bangalore.