From ET Realty
“Global exposure and awareness even among the middle- income group, has led to an increasing demand for second homes. Lately, the concept of affordable yet luxury second home is gaining traction amongst the young consumer who intends to showcase his social standing amongst their peers,” Tata Housing Managing Director and CEO Brotin Banerjee said.
These (second home) projects give them an opportunity to experience a lifestyle with the latest amenities and technologies, security and lifestyle which may not be possible in a big city, he added.
This project will have 250 units in the first phase with a starting price of Rs 35 lakh. The construction work has already started and the company is targeting to complete the entire project in three years as it would be low-rise towers.
According to sources, the project cost would be around Rs Rs 400 crore.
Established in 1984, Tata Housing is a closely held public limited company and a subsidiary of Tata Sons Ltd.
The company has about 70 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline.
Tata Housing is looking to enter Noida property market and is in discussions with four local builders, including Logix group and Lotus Greens, to form a joint venture for the development of a housing project. It is developing 4 projects in Gurgaon.