Tata Housing has recently launched a project 'Swaram' at Devanahalli in Bengaluru, Dutt said, adding that the plots were sold out within 36 hours of its launch
Tata group's real estate arm Tata Housing plans to invest around Rs 1,200 crore over the next two years to acquire land outright and through joint ventures across major cities to develop group housing projects as well as for plotted development, which has gained traction amid the COVID pandemic.
In an interview with PTI, Tata Realty and Infrastructure CEO & MD Sanjay Dutt noted that the demand for plots has increased significantly during the pandemic and highlighted that the company has sold all 157 plots in Bengaluru for Rs 130 crore.
Tata Housing Development Company Ltd and Tata Realty and Infrastructure Ltd are 100 per cent subsidiaries of Tata Sons.
Tata Housing has recently launched a project 'Swaram' at Devanahalli in Bengaluru, Dutt said, adding that the plots were sold out within 36 hours of its launch. "We sold all 157 plots for Rs 130 crore," he said.
The project is a part of Tata Housing's 140 acre township 'Carnatica' developed by One Bangalore Luxury Projects LLP, a joint venture between Tata Housing Development Company Ltd and M S Ramaiah Realty LLP.
This is the second plotted development project of the company after Crescent Enclave in Chennai.
Buoyed by the success of its plotted development projects, Dutta said: "We are now looking to launch plots across all major cities like Delhi-NCR, Mumbai, Bengaluru, Pune and Kolkata."
"We are planning to invest Rs 1,200 crore over the next 12-24 months to acquire lands for premium residential spaces along with plotted development," he said.
The company is open to go for outright acquisition of land parcels as well as forming joint development agreements (JDAs) with land owners. It is exploring land banks ranging from 12 acres to 200 acres.
Tata Realty is aggressively focusing on large-scale developments in both commercial and residential segments.
A land parcel of 20 acres near Sohna Road, Gurugram, Haryana has also been earmarked for plotted development. Tata Realty is targeting 20-30 per cent revenue from plotted developments by FY 2023-2024.
Elaborating on the new Bengaluru project, Dutt said: "Driven by Innovation, we have been sprinting towards creating properties that offer greater value to the evolving needs of new-age home buyers. Carnatica is one of our biggest projects in Bengaluru that will redefine the millennial home buyer's demand in the region."
The 140-acre site will house residential complexes, commercial institutions, parks, green spaces, clubhouses, and other amenities.
Tata Realty has developed around 16.8 million square feet of commercial projects and has around 12 million square feet of projects under development and planning.
Tata group is one of India's largest conglomerates, with annual revenue of over $100 billion, and 107 operating companies in seven business sectors, employing over 750,000 people worldwide.