Tata Housing forays into International markets
Tata Housing Development Co. Ltd., announced the company’s foray in the international market by launching their first overseas project in Maldives. The project will be jointly developed with SG18 Developers Pvt. Ltd., under the banner of Apex Realty, a special purpose vehicle (SPV) created for the Maldives foray.
Brotin Banerjee, MD and CEO, Tata Housing Development Co. Ltd., said: “This venture marks our international foray and gives us the opportunity to showcase our expertise of building affordable as well as luxury housing in the foreign market. In the coming years we plan to expand our footprints in other SAARC nations and Africa.”
Maldives – especially Male, faces acute housing shortage with a long waiting period, high population density and inadequate infrastructure facilities. In order to cater to this shortage, the Government of Maldives has launched a US$500 million project to develop 10,000 housing units for the Maldivians. Apex Realty has signed an agreement with the Government of Maldives for developing residential apartments through a Public Private Partnership (PPP) model.
The Government of Maldives has allocated 4 plots on a long term lease of 50 years to Apex Realty to develop residential apartments & retail space in Male. 80% of the apartments will be handed over to the government and the balance 20% will be sold at in the open market by Apex Realty. Additionally, the government will also provide commercial space admeasuring 1.5 Lakh sq. ft. to be developed and sold or leased out for 50 years and an exclusive island (Lhossalafushi) on a Faadipolhu Atollto develop premium luxury villas admeasuring 20,000 sq.ft. each.
All the residential properties are designed by reputed international architects, F+A of the US. Each residential apartment is strategically designed to maximize its living space and the flow of natural light and air. Other amenities include unique landscaped deck – designed in such a way that the residents can use it as social community space, swimming pool, spa & gymnasium, parking space, secured access to residential lobbies and barbeque counters.
Like all other TATA Housing properties, the projects in Maldives will also comply with all the green building norms reducing any impact on the environment. Tata Housing has created a strong foothold in the luxury living by developing its two premium luxury properties in Pune – Prive and Gurgaon – Primanti, the company said.