Tata Housing said on Wednesday is planning to launch about 10 new residential projects in both affordable and luxury segments in 2010-11, with an investment of about Rs 1,200 crore along with its partners.
"We will acquire about 10 million sq ft of land in this fiscal, in which we will launch the new projects. While some projects will be developed with our joint venture partners, some will be standalone projects," Tata Housing Development Company managing director and CEO Brotin Banerjee told PTI.
"The company will roll out the projects in different cities, like Chennai, Pune, Mumbai, Kolkata, Ahmedabad and Bangalore, he added.
Tata Housing develops residential property of four different economic categories -- ultra luxury (Rs 3-7 crore or Rs 30-70 million), premium (Rs 80 lakh-Rs 2.5 crore or Rs 8 million to Rs 25 million), affordable (Rs 15-50 lakhs or Rs 1.5 to Rs 5 million) and value homes (sub Rs 10 lakhs or Rs 1 million).
"We usually tie up with some small local partners, who have the land. The investment is also shared accordingly.
"To develop these 10 million sq ft, we will require about Rs 1,200 crore," Banarjee said. Asked about the source of funding, he said it will be a mix of internal accruals, debt and sales revenue.
At present, the company is building about 10,000 housing units comprising 18-20 million sq ft across the country. Banerjee said most of the projects are being developed in partnership and about Rs 2,000 crore (Rs 20 billion) is being invested for completion of the projects by 2011.
Last week, the company had announced to develop a super luxury hosing project 'Prive' at Lonavala, near Mumbai, offering apartments in a price range of Rs 3-7 crore (Rs 30-70 million).On the other hand, in 2009, the company had launched a 1,300-unit low-cost housing project, which offered a room and a kitchen, at Rs 3,90,000 under Shubh Griha brand at Boisar around 100 km from Mumbai. It plans to take this brand across the country.