Tata Housing has teamed up with a private equity firm Macquarie Group to add total fund of Rs 2,000 crore for building its luxury home projects in top 8 cities across India. According to the deal, Macquarie is going to invest Rs 1,400 crore and Tata group will share rest Rs 600 crore. The investments will be in the forms of equity infusion.
One of the subsidiaries of Tata Sons, Tata Housing has concentrated on its pan India expansion step to develop premium and luxury projects at marquee locations in the cities like Mumbai, NCR, Bengaluru, Chennai, Kolkata and Pune over the next 3-5 years.
The realty company has currently 29 projects in its bag with around 70 million sq ft at 13 locations across the country. The price range of premium and luxury homes is between Rs 60 lakh to Rs 14 crore.
Last few years have been really successful for Tata Housing in terms of collaborating with investors and commencing several housing projects. Tata Value Homes, a subsidiary of Tata Housing, has raised around $90 million to complete about 16,800 homes over next ten years. Also, International Finance Corporation (IFC) and UK-based Commonwealth Development Corporation (CDC) have invested $25 million in Tata Housing to finance its affordable projects.
Source: ET Realty