« | Home | »

Tatas Jumps into Realty Race with Rs 4,500-Cr Fund

Comments Off on Tatas Jumps into Realty Race with Rs 4,500-Cr Fund   |   February 19, 2007    11:35am   |Contributed by Indian Realty News

Seeing such a tremendous growth taking place in Indian real estate, most of the big industrial houses find it beneficial to establish their own realty funds to make killing by investing handsome amounts. Following in footsteps is the renowned Tata Group that has decided to throw in its hat in the ring with a big amount of Rs 4500 crore.

The name of Tata’s newly created company is Tata Realty and Infrastructure, which will make investments in various infrastructure and development projects. The arm is known to have modeled on the lines of Kishore Biyani, promoted Future Group’s Kshitij, says a source familiar with the plan, who did not wish to be identified.

Bomaby House, the group’s headquarter is working on the plans for its new business. As per the changing face of construction and development industry in India, the group is likely to bet big in Indian real estate this time.

Indian real estate sector has also drawn considerable interests from the Ambani brothers – Mukesh and Anil, who are now showing their inclination towards private equity funds. Recently, Morgan Stanley Real Estate Fund invested approximately $152 million for a 10.75% stake in Oberoi Constructions thereby making the largest deal in the construction spaces.

RK Krishna Kumar, Tata Sons director is driving the initiative. Kumar has brought on board Dinesh Chandiok, the former CEO of Ansal Properties to head Tata Realty. KPMG, International Consultancy firm is also making contributions in drawing out the working strategies for the Tata’s real estate business.

Tata Realty would look at investing in housing complexes, special economic zones, and construction of bridges, ports and airports.

News Published Under:   Real Estate Developers, Real Estate India | Comments Off on Tatas Jumps into Realty Race with Rs 4,500-Cr Fund