Colombo: Tata group’s realty firm Tata Housing has announced its foray into Sri Lanka with an investment of over $400 million to develop a township project at Colombo. The project will be developed in partnership with Urban Development Authority of Sri Lanka.
The Colombo project is mixed use township. “The first of its kind initiative by an Indian real estate company,” Tata Housing said in a statement. A company spokesperson said the investment will be spread over the next 6-8 years.
Commenting on the announcement, Tata Housing MD and CEO Brotin Banerjee said: “Tata Housing clearly recognises the opportunity for long-term and sustained growth in the Sri Lankan housing market. Our investment represents our strong ties with our neighbours and urban renewal within prime locations of the country”.
In the luxury project, the project will have estimated 4 residential towers comprising about 650 units. The project will also have retail area, office space and business hotels and service apartments.
“We are extremely glad in partnering with Tata Housing to pilot the first redevelopment project under the PPP model which provide a better quality of life for the current tenants of Slave Island. We are sure that the experience of Tata Housing and their thrust on quality would result in this project to be a landmark in Colombo,” Sri Lanka Urban Development Authority Chairman Nimal Parera said.
Tata Housing has 70 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline in major cities of India.
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(With PTI inputs)