Tata Housing will invest about Rs 400 crore over the next three years to develop a mid-income housing project in Goa as part of its strategy to tap the rising demand for second homes.
This is the second project that the Tata group firm will be developing in Goa. About 7-8 years ago, it had developed a luxury project comprising 65 villas.
The company will develop about 650 housing units on a 7-acre land parcel in Goa.
It is already developing housing projects in Kasauli (Himachal Pradesh), Lonavala (near Mumbai) and Talegaon (near Pune) targeting buyers looking for a second home.
“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 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.