Tata Realty and Infrastructure is investing around Rs 2,000 crore each into residential and commercial projects over the next two years, including re-launching the stalled Mulund project in Mumbai, Maharashtra.
The Tata Group firm, which focuses on residential, commercial and retail properties in the realty space and large infrastructure projects, is witnessing higher demand, especially for ready-to-move-in residential units.
It has added over 1,500 construction workers during the pandemic, taking its overall headcount to over 5,000. Before the coronavirus pandemic, it had only 3,500 workers and over 670 employees.
The company has four residential projects under construction — the Serein in Mumbai, the Eureka Park and La Vida in NCR-Delhi, and the 88 East in Kolkata with over 2,500 units.
The company has a diversified portfolio of 40-45 million sq ft under-construction, which is a mix of luxury and premium projects with the Serein, the Eureka Park and La Vida in the premium category and the 88 East in the luxury segment.
The company is also in the process of relaunching the stalled Mulund (east) project, which on completion, will have a three million sq ft saleable area and will be the single-largest project in value terms in Mumbai and hopes to relaunch it by March 2022.
The company has only around 5,300 ready inventory spread across affordable, premium, luxury and second homes category, and around 1,100 units nearing completion.
The company has 17 residential and three commercial projects under construction with over 3,000 units, and even amid the pandemic, it has completed four residential projects last year and will complete six in 2021.
The large Bengaluru project in Karnataka near the airport is being built as a joint venture (JV). It’s a 140 acre township with plotted units, villas and high-rises along with commercial development. Phase-I will begin in October 2021.
Similarly, the Phase-II of the under-construction Nodia project will begin in the first quarter of 2022. That apart, it has three affordable projects coming up on the Sona road in Haryana, which is yet to get approvals.
The commercial realty will also get around Rs 2,000 crore investment over the next two years. The company has seven million sq ft of leased and owned space in association with a partner now.
Over the past 35 years, Tata Realty has completed 31 residential projects across Bengaluru, Bhubaneswar, Chennai, Delhi-NCR, Goa, Gurugram, Kasauli, Kochi, Kolkata, Lonavala, Nagpur, Noida, Mumbai and Pune. On the commercials side, it has Mumbai, Gurugram and Chennai.