Tata Group realty firm Tata Housing has entered into an agreement with Alstom T&D India to buy its manufacturing unit spread across 20 acres in Bangalore for 120 crores.
"The agreement with Alstom T&D India was a part of the expansion strategy of the company," the company said in a statement.
Tata Housing is a subsidiary of Tata Sons, which holds 99.86 per cent stake in the realty firm. It has 70 million sq ft of area under various stages of planning and execution and an additional 19 million sq ft in the pipeline.
Commenting on the agreement, Tata Housing spokesperson said, ďAs part of our long term strategy, we are looking at expanding our presence in the fast growing city of Bangalore.
ďWe are witnessing phenomenal growth in North Bangalore as its commercial and residential market is growing exponentially. With Bangalore, being credited as the 10th most favoured prop investment destination by Asia Pacific, we are planning to launch an ultra-luxury project on this land to cater to the increasing aspiration of 'higher living' in the city,Ē said the spokesperson.
Bangalore, known as the Silicon Valley of India has emerged to be one of the fastest-growing cities. The presence of IT and BPO companies in the city has created an active demand for commercial and residential properties in Bangalore. The city with good social infrastructure, close vicinity to international airport, increasing metro lines, excellent educational institutes and constantly upgrading physical infrastructure is attracting lot of investment from HNIs and NRIs.
Tata Housing has presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar.
The company is now in the process of expanding footprints to other parts of India across tier I and II cities. It has ventured into foreign markets such as Maldives and is actively exploring other markets, including Sri Lanka and other South Asian countries. (With PTI inputs)