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TCG to invest Rs 1,500 cr in 7 cities

By Anil Urs in Bangalore
April 29, 2005 13:30 IST
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TCG Developments India, a real estate developer promoted by New York-based The Chatterjee Group, will invest Rs 1,500 crore (Rs 15 billion) in seven cities in the country over the next three years.

In that time, the firm aims to sell 5 million sq ft of built space in the 'super seven' cities, and has so far invested Rs 300 crore (Rs 3 billion). The firm has notched up a million square feet in the metros, Bangalore and Pune.

The group is currently into commercial real estate with a focus on knowledge sector, especially ITES, BPO and life science sector in India mainly in leasing, maintaining properties and portfolio management.

"For achieving the five million target, we plan to focus on 'super seven' cities -- Bangalore, Mumbai, Delhi, Chennai, Kolkatta, Hyderabad and Pune," said Balaji Rao, managing director, TCG Urban Infrastructure Holding Limited.

The first phase of a technology park in Whitefield here, First Technology Place, has 100,000 sq feet and houses firms such as Nipuna, Indigo, Stream Net and Invetrogen.

The company is getting ready to complete the second phase of 300,000 sqft and is likely to take up the third phase by the end of the year, Rao said.

On the company's real estate development strategy in India, Rao said, TCG Developments has taken up 300,000 sq feet construction in Chennai, 200,000 sq feet in Delhi, 100,000 in Pune, 300,000 and an additional 300,000 sq feet in Bangalore.

"With no suitable land available in Mumbai and Hyderabad we are exploring other avenues for investments," said Rao.
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Anil Urs in Bangalore
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