Realty among top three focus areas for Tata Group

Mumbai

The Tata Group has identified property development business as one of its top three focus areas as it looks to become a major player in the country’s burgeoning real estate sector, the top executive said.

“We are scaling up the business as we want to be a complete real estate solutions company with presence is all the segments — residential, offices and shopping centres,” said Sanjay Dutt, newly appointed Managing Director and Chief Executive Officer of Tata Realty and Tata Housing that have been put under single management recently.

He said capital will not be a constraint. “We have sufficient capital to fuel our growth. We also have strategic investment partners keen to co-invest with us and participate in our growth,” Dutt told ET in an exclusive interaction.

Since its inception in 1984, Tata Realty, the group’s wholly-owned real estate development company, has so far delivered 21million sqft of real estate and has development potential of around 49m sqft across its projects.

The company currently has 53 projects under construction with nearly 10 m sqft space, including one of the largest Information Technology Special Economic Zone (ITSEZ) — Ramanujan IT City in Chennai.

Over the last few months, Tata Realty has acquired three Greenfield projects on outright basis for. ‘600 crore. These three projects alone have around 7 m sqft potential with combination of residential and commercial development.

The company is currently present is 15 cities, including Colombo in Sri Lanka and Male in Maldives.

“Our vision is to be the preferred real estate developer pan India with focus on residential, offices and shopping centres,” Dutt said.

“We will continue to increase our presence in commercial offices and affordable homes, building a strong presence across commercial, residential and retail Spaces.”

To support the scaling up objective, the company is eyeing both organic and inorganic growth opportunities across the segments and major property markets of the country, he said.