Tata Realty and Infrastructure (TRIL) will buy commercial projects in Pune, Bengaluru and Chennai for Rs 1,200-1,400 crore. The company will build information technology (IT) parks of around 12 million sq ft at these locations.
TRIL has a sizeable low-cost housing portfolio, and is also making a strategic shift to build more mid-income homes in the Rs 40 lakh-plus category. It will gradually scale down its investment in low-cost housing.
Under Tata Value Homes, its affordable housing segment, the company has six under-construction projects.The company has a large portfolio of housing projects across 15 cities. The company is also in the process of building a seven million sq ft business park on a 47 acre plot at Ghansoli in Navi Mumbai.
In 2017, TRIL, along with its then partner Standard Chartered PE, had bought the land for Rs 325 crore. In 2015, the company had formed Rs 3,000 crore investment platform with Standard Chartered PE to buy commercial assets in India.
The company plans to scale down its focus to just six key cities such as Mumbai, Bengaluru and Delhi-NCR from its existing 15 cities at present.