Tata Housing to spend Rs. 3,000 cr to buy land across major cities.

Tata Housing, the Tata Group's real estate company, plans to invest Rs. 3,000 crore to acquire more land, including joint development agreements, across major cities in India in the current financial year.

'This year will be crucial for us. We will be spending at least 50-60 % more on land acquisition and joint development agreements during the year as against FY14. Most of it will be financed through internal accruals,' said Brotin Banerjee, MD & CEO, Tata Housing Development.

The company will focus on four metros - Bangalore, Kolkata, Delhi NCR, and Mumbai -- for its land purchases and new projects, both in the premium and affordable category. While proposed premium homes will cost between Rs. 6,500 and Rs. 12,000 per sq ft, spread over 900-3500 sq ft each, depending on the location, affordable homes will be under Rs. 40 lakh, between 450 and 1250 sq ft.


'Around 65% of the planned launches will be in the premium segment, while the rest will be in the affordable category. Depending on land feasibility, we will decide on the launches,' said Banerjee.

ET