Tata Housing to develop 20 mn sq ft of land in 8 cities

Realty firm Tata Housing is planning to develop 20 million square feet of land in eight cities including Bengaluru, Delhi NCR and Mumbai over the next few years.

The company, which was revived in 2006, presently has 29 projects and 70 million sq ft land under various stages of planning and execution across 13 cities.

Tata Sons holds 99.86 per cent equity in the company, and it plans to sell one-third of its properties through the online mode by 2020.

"We have got an additional 20 million sq/ft land for development in the pipeline and we will be developing the same during the next few years.

"We are in talks with the land owners in this connection, currently," Tata Housing managing director and chief executive Brotin Banerjee told reporters in Mumbai.

He was speaking on the sidelines of launch of social sell initiative by Tata Housing, as per which the company will be selling homes through Facebook in Goa.

A total of 250 units will be made available for sale through Facebook by the company from October 26-28, and will be priced between Rs 29 lakh and Rs 50 lakh.

"The additional land measuring 20 million sq/ft will be developed by the company in eight cities including Bangalore, New Delhi, NCR and Mumbai over next few years," he added.

The company has already delivered 5,000 homes during the last 3-4 years and plans to deliver another 4,000 homes in the remaining part of the current fiscal, he said. "We will be launching four residential projects during October-December," he added.

However, Banerjee rued the fact that the online sales of property has not picked up as of now. "At Tata Housing, we have been able to sell only 2,000 units through online platform, so far, which comprises even less than 10 percent of the company's total sales.

"Still I do hope that the online sale will go up to 50,000 units, comprising around one-third of its total sales, by 2020," he said.

Recently, the company reached an agreement with the Rajasthan government to develo affordable homes in the state under PPP model, he added.