Tata Housing keen to enter Sri Lanka

Thursday, 7 July 2011 00:51 - - {{hitsCtrl.values.hits}}

Indian giant Tata Housing Development Company is looking for opportunities to enter the Sri Lankan housing market.

“We are evaluating a couple of projects in Sri Lanka and plan to launch the same,” Tata Housing Managing Director and CEO Brotin Banerjee had told Indian press.

As part of its global foray Tata Housing Development Company will have its first venture in the Maldives. “India does face a huge shortage of homes, but we are also looking for opportunities in neighbouring countries, in SAARC (South Asian Association for Regional Co-operation) region.

It may not always be in the affordable segment. It could be in premium and luxury segment. For instance, a significant portion of the Maldives project is in luxury and high-end housing,” Banerjee has told India’s Business Standard.

The Tata Group company plans to invest between R800 crore and R1, 000 crore this financial year to expand its presence in the real estate market in India and overseas. Of the total investment, R700 crore will be towards acquisition of projects and land in India and about R300 crore for the same activity overseas. In FY12, the company plans to add close to 22 million square feet of development between its Tata Housing and Smart Value portfolios.