BHUBANESWAR: The Tata Housing has forayed into the real estate scene in the City by signing its first PPP venture in association with the Bhubaneswar Development Authority (BDA) here on Tuesday. The housing project will be spread across 12 acres with development potential of 1.5 million sqft and a projected revenue of ` 700 crore. With this, Tata Housing has announced its entry into the tier II cities of India. After the PPP was signed, Brotin Banerjee, MD and CEO, Tata Housing said, the company, as part of its long-term strategy, is looking at expanding its presence in the fast growing Tier II cities. “Bhubaneswar being ranked the fifth fastest growing Indian city in terms of real estate, the plan to launch the first of its kind premium living venture is befitting of Tata’s longer term commitment to the city,” he said. The deal was inked following a competitive bidding process and signed in the presence of BDA vice-chairman Deoranjan Kumar Singh. The project will be designed by renowned international architects and constructed under the guidance of Indian Green Building Council (IGBC) like all other Tata Housing property.The City has seen a considerable rise in demand giving rise to acute shortage of high-end residential homes.
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