Tata Housing Development Company has joined hands with the Mumbai Metropolitan Region Development Authority (MMRDA) for a rental housing project near the metropolis.
“We plan to launch a large rental housing project near Mumbai before Diwali. We have got approvals for the project from the MMRDA,” said Brotin Banerjee, MD and CEO, Tata Housing Development Company.
Banerjee declined to reveal the timeline and exact investment involved in the project.
However, according to sources, the investment would be around Rs 2,000 crore.
The project will be built on 25 acres of land between Thane and Bhiwandi and is expected to be ready in three to four years.
Expected to come up on a land parcel owned by Tata Housing, the project will include a rental component of over 3 million square feet.
The MMRDA is expected to get around 4,000 rental housing units of 160 square feet area each from the Tatas, while the rest will be sold at market rates.