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Tata Realty to focus on commercial property development

Wednesday, 03 Apr 2024
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Tata Realty & Infrastructure (TRIL) plans to focus on developing commercial properties, under its brand 'Intellion', and will pursue the target to increase its share to 70 percent in the next three years from 50 percent currently. 

The developer already has 10 million  sq. ft. sq. ft. built area and is incrementally adding 20 million  sq. ft. of commercial properties. All would be Green Platinum certified, as some are with for instance, UK’s Actis and General Atlantic. This pivot into the commercial sector serves as a proactive measure to mitigate risks associated with residential assets, as well as Real Estate Investment Trusts (REITs), as a paradigm shift in India’s investment ecosystem.

With CPPIB, Tata Realty is developing properties in Gurugram and Chennai. In Sector-72 in Gurugram, it is building 8,50,000 sq. ft. and completed similar quantum of properties. The second asset is fully built (IT SEZ) in Chennai with 4.7 million sq. ft. and has 112-kKey 'Taj Wellington Mews' hotel. With Actis, it is building a 3.5 million sq. ft. of commercial properties in Sector- 57 in Gurugram of which 50 percent is completed and leased. Its largest mixed-use development measuring 12 million sq. ft is with Actis in Navi Mumbai.

The company is also setting up world class sports and recreational amenities to engage with office communities. Going forward TRIL is exploring co-working spaces in its upcoming commerical properties to give flexibility to its clients in space management. It is mulling to compliment commercial developments with hotels, with two new projects committed in Navi Mumbai and Pune, taking the total room inventory to under 500 rooms.

 
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