New Delhi: Post successful launches in international markets like Sri Lanka and Maldives, Tata Housing – one of the leading real estate developers in India, announced its plans to expand in the African region. The company has recently signed an MoU with the National Housing Corporation (NHC) and a private real estate firm to develop more than 4.5 million sq. ft. of mixed-use township across Kenya and Tanzania.
The two mixed-use development projects are expected to be launched by January 2018. Developed in two phases, the projects will be priced in the range of 75000 USD – 100,000 USD per unit catering to the mid-income segment. The investment in both projects is expected to be more than INR 1000 crores across both the phases over the next 3-4 years.
Commenting on this development, Mr Brotin Banerjee, CEO & MD, Tata Housing, says, “Our early success in Sri Lanka and the Maldives gave us the impetus to further expand our international footprint. Starting with Kenya and Tanzania, we will cater to the mid-income segments and fulfil their demand for superior quality housing.”
Commenting on the demand for housing, Mr Banerjee adds, “With 60% of urban population living in informal housing, there is consistent growth in demand for housing across both Kenya and Tanzania. Only 15,000 units are released yearly against an approximate demand of 200,000 housing units in Nairobi alone.”
Tata Housing has recently handed over the government housing project to the Government of Maldives and launched two high-end projects at Odeon and Nadhee in the capital city Male. Luxa One at Odeon will be the first project in Male furnished with rooftop amenities such as swimming pool, kids play area, gym with health bar, spa, barbecue area and an open terrace deck. Nadhee is built across 21000 sq. ft., located in the exclusive residential area of Sosun Magu and will comprise 72 luxury, 3 bed apartments along with related retail areas and dedicated four-wheeler car parking for each unit.