Company is planning to develop second homes segment in luxury real estate market, says Rajeeb Dash
MUMBAI: With nearly 70 million sqft of projects under development, realty player Tata Housing Development Company is hoping to reach 100 million mark in FY18, a senior company official said.
“We have already delivered around 25 million sqft and nearly 70 million sqft is under various stages of construction across our three segments — residential, commercial and retail. We will be adding few more projects in the next few months, so we feel that in FY18, our total portfolio will touch 100 million sqft,” Tata Housing Head (Marketing) Rajeeb Dash told.
“We will have big projects coming up this year. Some township projects for developing affordable housing stock and along with that Tata Housing will continue to do a couple of luxury projects as well,” he said.
Dash further said some of the projects that are currently under construction will get delivered in FY18 and the rest will be delivered in the next 2-2.5 years.
The company has projects in major metros, including Mumbai, Delhi NCR, Bengaluru and Kolkata, among others.
“Our residential projects form a major part of our portfolio. We will continue to grow in our luxury residential as well as affordable housing space, which we execute under Tata Value Homes brand,” he said.
The company is also expecting to grow by 20-25 per cent at the topline in the next fiscal, Dash said.
“We are exploring various options when it comes to adding new projects. Apart from green field development, we are also looking at development manager model and we have done a couple of projects under this,” he said.
Dash further said with the GST and RERA coming in, there will be a lot of mergers and acquisitions in the sector.
“The development manager role may play a big thing in this situation. Lot of developers will take branded players like us as a partner. We are getting a few proposals and we are evaluating them. But we will take only those projects that have received all clearances and also if they are financially sound,” he said.
Dash said the company is evaluating around 10 such proposals.
Dash also noted that the company is planning to develop second homes segment in the luxury real estate market.
“I think the second homes is a big market, in terms of the luxury segment, which has not been explored very much in terms of branded players. We have projects in Goa, Kasauli, Talegaon and Lonavala. In Goa, we have delivered the first project and we are doing a second one. We are exploring other new markets as well,” he added.