Tata Realty to invest Rs 1,700 crore in next 2-3 years
Tata Realty and Infrastructure Ltd (TRIL) proposes to invest over Rs 1,700 crore in two to three years for various projects in the country, including Rs 550 crore in Kochi for a premium waterfront residential property, 'Tritvam', at Marine Drive.
Apart from Rs 600 crore for developing roads, TRIL, a 100% subsidiary of Tata Sons Ltd, would also invest Rs 180 crore in Logistics and Rs 160 crore in developing real estate part of Hotels, Sanjay G Ubale, the company's Managing Director and CEO, told reporters here.
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The group plans to develop six hotels in India-- one each in Goa, Bangalore, Andamans and Nagpur and two in Chennai-- Taramani and Siriperumbudur.
On 'Tritvam', he said five towers with a total of 468 apartments would be built on about 8.44 acres.
The project has been designed by Internationally acclaimed and award winning Australian architectural firm Woods Bagot and construction has been awarded to Leighton, one of India's largest international contractors.
Kochi, considered Kerala's commercial capital, has grown at an unprecedented rate with the real estate sector alone showing a growth rate of over 30%, he said.
The project with a total development area of 1.18 million square feet, would have 3, 4 BHK spacious duplex flats with various amenities like a 13,000 square feet club house, squash and tennis court, jogging track, Yoga studio, swimming pools with pool decks and cafes.
Piling for the project is almost complete and is expected to be ready by December 2014. In 18-20 months, about 180 apartments in two of towers are expected to be completed.