Press Esc to close
Saturday 29 November 2014
News updated at 3:39 AM IST
Weather
Max: 29.2°C
Min : 16.5°C
In Bengaluru
Sunny day

Tata Housing buys 20 acres land in Bangalore for Rs 120 crore

New Delhi, Dec 23, 2013, (PTI):
Tata Group realty firm Tata Housing has bought 20 acres of land in Bangalore from Alstom T&D India for Rs 120 crore to develop a luxury housing project at the site. Reuters file photo for representation only

Tata Group realty firm Tata Housing has bought 20 acres of land in Bangalore from Alstom T&D India for Rs 120 crore to develop a luxury housing project at the site.

Tata Housing is a subsidiary of Tata Sons, which holds 99.86 per cent stake in the realty firm. It has 70 million sq ft of area under various stages of planning and execution and an additional 19 million sq ft in the pipeline.

Alstom is mainly into power transmission business. On this site, it used to manufacture transformers.


"Tata Housing entered into an agreement with Alstom T&D India to buy its manufacturing unit spread across 20 acres in Bangalore for 120 crores," Tata Housing said in a statement.

Commenting on the agreement, Tata Housing spokesperson said that the company is looking at expanding presence in the fast growing city of Bangalore as part of long term strategy.

"With Bangalore, being credited as the 10th most favoured prop investment destination by Asia Pacific, we are planning to launch an ultra-luxury project on this land to cater to the increasing aspiration of 'higher living' in the city," the spokesperson said.

Tata Housing said that the presence of IT/BPO companies in Bangalore has created an active demand for commercial and residential properties in the city.

The agreement with Alstom T&D India was a part of the expansion strategy of the company and is subject to the mutual satisfaction of terms, conditions and obligations mentioned in the agreement for sale, Tata Housing said, adding that the deal is likely to be concluded upon execution of a sale deed in three months time or earlier.

Tata Housing has presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar.

The company is now in the process of expanding footprints to other parts of India across tier I and II cities. It has ventured into foreign markets such as Maldives and is actively exploring other markets, including Sri Lanka and other South Asian countries.

Go to Top

Photo Gallery
Black Friday Shopping Begins On Thanksgiving Evening

Black Friday Shopping Begins On Thanksgiving Evening

Dancers perform during an inauguration ceremony of a Hello Kitty amusement park in Anji

Dancers perform during an inauguration ceremony of a Hello Kitty amusement park in Anji

Regina Vandysheva reacts after winning the 2014 Miss Kazakhstan national beauty

Regina Vandysheva reacts after winning the 2014 Miss Kazakhstan national beauty

Pakistani theatre artists in India  to participate in 'Saanjh: 11th Amritsar-Lahore Peace Festival

Pakistani theatre artists in India to participate in 'Saanjh: 11th Amritsar-Lahore Peace Festival

Nobel Peace Prize winner Kailash Satyarthi being felicitated by Chairman of Bajaj Auto Rahul Bajaj

Nobel Peace Prize winner Kailash Satyarthi being felicitated by Chairman of Bajaj Auto Rahul Bajaj

Rahul Gandhi meeting supporters at his election rally in Jamshedpur

Rahul Gandhi meeting supporters at his election rally in Jamshedpur

Prime Minister Narendra Modi on his departure after attending SAARC summit...

Prime Minister Narendra Modi on his departure after attending SAARC summit...

A boy salvages for belongings amid the debris of his house in Mumbai...

A boy salvages for belongings amid the debris of his house in Mumbai...

Shyam Benegal with Naseeruddin Shah during the launch of the latter's book...

Shyam Benegal with Naseeruddin Shah during the launch of the latter's book...

Actor turned politician Kushboo with Congress vice president Rahul Gandhi...

Actor turned politician Kushboo with Congress vice president Rahul Gandhi...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523