In a strategic move to capitalize on the surging demand in the residential real estate market, Tata Housing is set to launch a series of residential projects encompassing 10 million square feet over the next 2-3 years, with an estimated revenue potential of Rs 16,000 crore. Sanjay Dutt, the Managing Director & CEO of Tata Realty and Infrastructure Ltd (TRIL), expressed his bullish outlook on India’s housing market and highlighted the company’s commitment to meeting this rising demand.
Tata Housing, a prominent player in the Indian real estate sector and a subsidiary of Tata Realty and Infrastructure Ltd (TRIL), is gearing up to introduce an impressive 10 million square feet of residential projects in the coming 2-3 years. These projects are anticipated to generate an estimated revenue of Rs 16,000 crore, showcasing Tata Housing’s strategic approach to leverage the robust consumer demand in the housing sector.
In an interview with PTI, Sanjay Dutt, MD & CEO of Tata Realty and Infrastructure Ltd, expressed great optimism regarding the growth potential in India’s housing market. He affirmed that the company is poised to launch numerous projects to harness the burgeoning demand for quality residential spaces.
Dutt outlined that the majority of these projects will be strategically located in key metropolitan areas such as Delhi-NCR, Mumbai Metropolitan Region (MMR), and Bengaluru. Tata Housing will also extend its reach to other Indian cities, concurrently introducing its second project in Male, Maldives. Dutt further elaborated on the project types, stating, “Most of these projects will be launched over the next 24 months, and we will introduce plots, villas, and apartments to cater to diverse consumer preferences.”
Notably, Tata Housing is actively involved in developing a substantial 140-acre township project known as ‘Carnatica’ through a joint venture with M S Ramaiah Realty LLP. This township project is a testament to Tata Housing’s commitment to creating integrated and sustainable residential communities.
Dutt underscored the remarkable revenue growth achieved by Tata Housing’s residential business over the past five years. He emphasized that the company has witnessed a Compounded Annual Growth Rate (CAGR) of 26% in its residential business during this period, and Tata Housing remains steadfast in its pursuit of further expansion.
In April, Tata Housing reported an impressive 40% growth in net sales bookings during the previous fiscal year, culminating in the highest-ever annual residential sales. The Indian residential real estate market has displayed remarkable resilience, bouncing back vigorously in the post-COVID-19 era. Reputed and branded real estate developers, both listed and unlisted, have delivered robust sales performances in the last two financial years.
Regarding TRIL’s commercial real estate portfolio, Dutt disclosed that the company has doubled its commercial office space to 10 million square feet over the past five years. Additionally, another 10 million square feet is currently in the design and execution phase. Out of the completed 10 million square feet of office space, a significant 7 million square feet is already leased. Dutt affirmed the company’s commitment to lease the remaining 3 million square feet within the next 18 months.
Recently, TRIL made a significant acquisition, purchasing over 1.02 lakh square meters of land in Bengaluru from Graphite India Ltd for Rs 986 crore. This new land parcel holds a potential for development spanning 4.5 million square feet, contributing to the rapid expansion of TRIL’s office portfolio, which is poised to reach nearly 25 million square feet.
Dutt also highlighted TRIL’s strong emphasis on sustainable green development practices, aiming to achieve net-zero emissions by 2035. This sustainability commitment aligns with the company’s vision for environmentally responsible and forward-thinking real estate projects.
As Tata Housing embarks on its ambitious journey to introduce these substantial residential projects, it not only anticipates contributing significantly to the Indian real estate landscape but also reflects its dedication to meeting the evolving housing needs of the Indian populace.
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