Even as the real estate sector is gradually slowing down as far as retail sales are concerned, Tata Housing, the real estate arm of the Tata Group, is consolidating its position. The company has set aside around Rs 1,000 crore to be invested in land acquisition and joint development projects.
The company is looking to purchase land parcels throughout India, said Brotin Banerjee, managing director, Tata Housing.
“We would be investing anywhere between Rs 700 and Rs 1,000 crore of which 60% would be joint development and 40% would be outright purchase of land. We buy land from aggregators where the approvals are in place or where some pre-level of approval is in place,” Banerjee said.
Following the new strategy, the company has bought a 12-acre land parcel in Bhubaneswar in an open bidding.
The company is planning a project in Bhubaneswar similar to the affordable housing one on the outskirts of Mumbai. Company officials refused to provide details.