Tata Housing to invest Rs 700 crore in Chennai project

Realty major Tata Housing on Thursday said it will invest over Rs 700 crore to develop a new housing project in Chennai.

Tata Housing said in a statement that its subsidiary Tata Value Homes would develop this affordable housing project under the brand 'New Haven'.

The company would develop 1,600 flats in this project, which will be spread over 15 acres.

"Tata Value Homes launches New Haven at Mambakkam with an investment of over 700 crore," the statement said.

Tata Housing had formed Tata Value Homes in 2010 to build value and affordable housing.

"With the ever growing appetite for affordable residences with premium facilities in India, launch of New Haven in Chennai is in line with our expansion plans of this pan Indian brand across top 8 cities in India," Tata Housing managing director and CEO Brotin Banerjee said.

This is the fourth project under this brand. The other three are at Boisar, Bangalore and Ahmedabad.

Tata Value Homes has introduced two pan-India brands - Shubh Griha (value homes) and New Haven (affordable homes).

Tata Housing is a subsidiary of Tata Sons Ltd, which holds a 99.86 per cent stake in the realty firm.

The company is developing 70 million square feet of area and an additional 19 million square feet is in the pipeline. It is offering products ranging from Rs 5 lakh to Rs 14 crore.

With strength of over 650 employees, Tata Housing has presence in Mumbai, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar.

The company has ventured into foreign markets such as Maldives and is actively exploring other markets including Sri Lanka and other South Asian countries.