TATA Housing has announced its plans to expand its presence in the tier-II cities of India, by signing its first PPP venture in the ‘Temple City of India’ – Bhubaneswar, in association with Bhubaneswar Development Authority (BDA). The project will be spread across 12 acres of land with development potential of 1.5 million square feet and projected revenue of Rs.700 crore.
Commenting on the project, Brotin Banerjee, MD and CEO, Tata Housing said, “As part of our long term strategy, we are looking at expanding our presence in the fast growing Tier II cities. With Bhubaneswar being ranked the 5th fastest growing Indian city in terms of real estate, our plan to launch the first of its kind premium living venture here is befitting of our longer term commitment to the city.”
The largest city of Orissa, Bhubaneswar today is a center of economic importance in the region. An emerging IT hub, the boom in the metals and metal processing industries has made Bhubaneswar one of the fastest developing cities of India in recent years. The Real Estate in Bhubaneswar has seen considerable rise in demand giving rise to acute shortage of high-end residential homes. This is due to the expanding city population and the rising disposable incomes of Bhubaneswar’s denizens.
The boom in Bhubaneswar property is also due to the increased investments coming into Orissa state. Bhubaneswar being the capital of Orissa captures the king’s share of the investments. Many big Information Technology companies like TCS, Infosys and Wipro have set up development centers in the city.
The deal was inked as a result of a competitive bidding process, and signed in the presence of Deoranjan Kumar Singh, IAS, Vice Chairman, BDA, Housing and Urban Development Department and senior officials of Tata Housing at the BDA office in Bhubaneswar.
Like all other properties of TATA Housing, the project will be designed by renowned international architects and constructed under the guidance of Indian Green Building Council (IGBC).
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