Tata Housing, the real estate arm of the Tata Group, is planning to develop ultra-luxury residential villas in the heart Lutyens Delhi. Each villa will cost Rs. 130-170 crore.
The villas will be developed on the 1.3 acre plot of land, at Hailey Road near Connaught Place, which the company had bought in 2012 for Rs. 250 crore, sources said. Tata Housing buys marquee plots to develop ultra-luxury projects rather than entering into a joint venture with the land owner.
Sources added that the company is in advanced talks with leading European architects and interior designers for the project.
In an emailed response to HT, Brotin Banerjee, MD and CEO of Tata Housing, said, “The project is still in the planning stage. “This will be a very premium, luxury project once it’s ready and would be for a very selective, discerning customer group.”
Lutyens Delhi is known for multi-hundred crore real estate deals, though the number of such deals per year is usually in single digits or low double digits.
Tata Housing is a subsidiary of Tata Sons, which holds close to 99.86% stake in the real estate firm. The company is now in the process of expanding its footprint in other parts of India across tier-I and tier-II cities. It has also ventured into foreign markets such as Maldives and is actively exploring the Sri Lankan and other South Asian markets.