The company attributes a surge in demand from across India’s north, west, south, and east markets to positive consumer sentiment and a compelling business proposition.
Tata Realty and Infrastructure, a subsidiary of Tata Sons, is looking to expand its business with over 50 projects across major cities in India, Sri Lanka, and the Maldives.
The combined projects boast a development potential exceeding 51 million sq ft, according to a top executive.
The Mumbai-based real estate major has completed the first phase of project developments in Male (the Maldives), and is gearing up for the second phase.
It has also expanded its footprint in Sri Lanka and plans to add about 2 million sq ft. in Colombo.
In India, Tata Realty has added 470 acres of development in Navi Mumbai, comprising commercial, residential, retail, and IT centres.
The company attributes a surge in demand from across India’s north, west, south, and east markets to positive consumer sentiment and a compelling business proposition.
Residential projects — such as La Vida in Gurugram, New Haven in Bahadurgarh, Eureka Park in Noida, Serein in Mumbai, and Swaram in Bengaluru — have played a key role in driving the company’s high sales growth.
Sanjay Dutta, CEO and managing director of Tata Realty, said the realty firm is set to launch 10 million sq ft of new projects over the next two to three years, which is expected to generate an estimated revenue of Rs 16,000 crore.
“We have seen a CAGR (compound annual growth rate) of 26 per cent in our residential portfolio in the past five years.
"Keeping in line with the growth trajectory, we forecast to reach the same or higher levels going forward,” Dutta told Business Standard.
Within its commercial portfolio in India, Tata Realty plans to launch 5 million sq ft of office space in Bengaluru, including two IT parks, with an investment of Rs 4,000 crore by the end of this year.
The company recently acquired over 102,000 sq meters in Bengaluru from Graphite India for Rs 986 crore, which has a developmental potential of 4.5 million square feet.
The company is also planning to develop about 8 million sq ft of office spaces in Bengaluru and Pune with an investment of Rs 6,000 crore.
It is also heavily focused on sustainable green development of projects and aims to achieve net zero emissions by 2035.
Dutta said he is focused on “improving profitability” and transforming Tata Realty into a “high dividend” company in the next five years through its expansion plans and by catering to customers’ needs.
The firm aims to grow its commercial portfolio with about 7.5 million sq ft of developed land, of which 2.5 million sq ft is under construction.
About 9 million sq ft of development is the future potential on the existing land bank.
© 2024 Rediff.com -