Tata Housing buys land for luxury projects: Invests 120 crore
From sporting the tag ‘The IT hub of the nation’ to redefining itself as the ‘Silicon Valley of India’ Bangalore has been the center of attraction for most of the investors across the nation. Holding this phenomenon true, Tata housing has entered into a joint agreement with Alstom T&D, to purchase its manufacturing unit spread across 20 acres(in North Bangalore) for Rs 120 crores.
According to Tata housing officials, the company is in talks to launch an ultra-luxury housing project on the land and expand its base in one of the fastest growing cities across India. As per Asia Pacific, Bangalore is credited as the ‘10th most preferred realty investment destinations’, and Tata housing has made an attempt to cash on it.
Why investing in Bangalore is a lucrative option?
Known as the Pensioner’s Paradise, Bangalore has paved its way to become one of the fastest growing urban dwellings in the country. The presence of BPO and IT firms further gave a push to the existing demand for residential and commercial properties in the city. Close proximity to the international airport, up to snuff social and physical infrastructure and state-of-the art educational institutes have given significant impetus to investments from NRIs and HNIs.
With the rise in demand for luxury and premium projects in Bangalore, the city has turned out to be viable choice for key developers in the country, and Tata Housing, the subsidiary of Tata Sons is no exception. Tata housing has a past record of offering premium luxury projects like The Promont (Bangalore) Raisina Residency (Gurgaon), Gurgaon Gateway (Gurgaon) and cater to India’s new affluents and high-net worth individuals.
Demand for luxury units in North bangalore
According to market reports, the demand for ultra-luxury projects in North Bangalore has witnessed a welcome rise in the past few years and remains high at a consistent pace. Residential real estate activity in the region gained traction post the inauguration of the international airport at Devanahalli.
The projects positioned around Bellary Road, Hebbal and its nearby areas all fall under the luxury category and cater to the increasing aspiration of ‘higher living’ in the city.This tags North Bangalore, as the potential region to become the next economic centre of the city. The ORR IT hub, airport, Aerospace Town and the proposed Information Technology Investment Region are the economic magnets in North Bangalore that does the trick for the region.
