Tata Housing to invest Rs3,000 crore on affordable houses

Tata Housing Development Company on Tuesday said it would invest up to Rs3,000 crore next fiscal to develop affordable homes across the country.

The company already has five projects in the affordable segment and plans to launch 7-8 more projects next fiscal.

Tata Housing has formed a subsidiary Smart Value Homes to develop affordable houses in the price range of Rs5-35 lakh.

"We plan to invest Rs2,500-3,000 crore in 2011-12 to develop existing and new projects in the affordable housing segment," Tata Housing Development Company managing director Brotin Banerjee said.

Smart Value Homes is developing two projects each in Mumbai and Pune, and one in Chennai with a total saleable area of 10-12 million sq ft, Banerjee said.

"We will launch three more projects - in Mumbai, Bangalore and Ahmedabad - during the first quarter of 2011-12," he said, adding that the company is looking at more projects in other parts of the country.

The company plans to build affordable homes in Ludhiana, Jalandhar and periphery of Chandigarh on public-private-partnership (PPP) model in the wake of high land prices in the state.