Real estate news on Tata Realty to invest over Rs 1700 crore in next 2-3 years

Builders/ Developers, Hotels and resorts, Investors/ Investment proposal, Malls/Retail, Goa, Bengaluru, Kochi, Nagpur, Chennai
Posted on Aug 23, 2012
Tata Realty and Infrastructure Ltd (TRIL) proposes to invest over Rs 1700 crore in two to three years for various projects in the country, including Rs 550 crore in Kochi for a premium waterfront residential property, 'Tritvam', at Marine Drive.

Apart from Rs 600 crore for developing roads, TRIL, a 100 percent subsidiary of Tata Sons Ltd, would also invest Rs 180 crore in Logistics and Rs 160 crore in developing real estate part of Hotels, Sanjay G Ubale, the company's Managing Director and CEO, told reporters here.

The group plans to develop six hotels in India-- one each in Goa, Bangalore, Andamans and Nagpur and two in Chennai-- Taramani and Siriperumbudur.

On 'Tritvam', he said five towers with a total of 468 apartments would be built on about 8.44 acres.

The project has been designed by internationally acclaimed and award winning Australian architectural firm Woods Bagot and construction has been awarded to Leighton, one of India's largest international contractors.

Kochi, considered Kerala's commercial capital, has grown at an unprecedented rate with the real estate sector alone showing a growth rate of over 30 percent, he said.

The project with a total development area of 1.18 million square feet, would have 3, 4 BHK spacious duplex flats with various amenities like a 13,000 square feet club house, squash and tennis court, jogging track, Yoga studio, swimming pools with pool decks and cafes.

Piling for the project is almost complete and is expected to be ready by December 2014. In 18-20 months, about 180 apartments in two of towers are expected to be completed.

On plans for other projects in Kerala, Ubale said it would depend on the kind of opportunities coming their way. "Our effort is to see if it is attractive project and how keen the state government is to get private investors," he said.

In the state capital, the company is constructing a Training centre for TCS near Technopark.

There are also plans to develop a Logistics Park in Kochi in about 40-50 acres. With lot of interest now in improving Urban mobility, the company would also be 'keenly looking' for opportunities in projects like Metro Rail, Mono rail and High Speed Rail Corridor, he said.

"In the recent 'Emerging Kerala' roadshow at Mumbai, we had said we would be interested in participating in some of the projects," he said.

The company is also looking at developing Malls in Kochi and is already in discussion with some people.

There are plans to launch a similar project in Chennai as there is huge demand for residential properties.

In Chennai, TRIL, along with Indian Hotels company Ltd and TIDCO is developing the Rs 3500 crore Ramanujam IT city in over 25.27 acres, which is expected to be completed by 2015.

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