Tata Realty and Infrastructure Ltd. (TRIL) is planning to buy office projects in Pune, Bengaluru and Chennai for Rs 1,200-1,400 crore, and company build information technology (IT) parks of around 12 million sq. ft at these locations, a top company executive told media.
The Tata Group of the company having sizable low-cost housing portfolio which makes a strategic shift to build mid-income homes in the Rs 40 lakh-plus category. Also, it will gradually scale down its investment in low-cost housing. Under Tata Value Homes, its affordable housing segment, the company has six under-construction projects.
The company is also in the process of building 7 million sq. ft business park on a 47-acre plot at Ghansoli in Navi Mumbai. Two years ago, TRIL, along with its partner Standard Chartered Private Equity, had bought the land for Rs 325 crore.
Some of the private equity and investment firms, which include Blackstone Group and Brookfield Asset Management, have been lapping up several large fully leased prime commercial office buildings in prime real estate markets across India.
At Present, the company plans to scale down its focus to just in six key cities such as Mumbai, Bengaluru and Delhi-NCR from its existing 15 cities.
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