New Delhi: Expanding presence in Delhi-NCR, Tata Group's real estate arm Tata Housing has forayed into the Noida market by partnering with local builder Lotus Greens for a housing project.
In January this year, Godrej Properties had also entered the Noida market in partnership with Lotus Greens to develop a housing project on 36-acre land parcel.
Tata Housing is already present in the National Capital Region (NCR) property market and is developing four housing projects in Gurgaon. It is now entering Noida, which in the past decade has become a major real estate destination.
"Tata Housing has entered the Noida residential market through a partnership with Lotus Greens. The company recently signed an agreement with Lotus Greens for the development of 20 acre project in Sector 150, Noida," a source said.
The company, through it 100 percent subsidiary Tata Value Homes, is expected to launch 2-3 bedroom apartments with Smart Home features, sources said.
The project is expected to be launched soon, they said, adding the number of apartments and prices are yet to be decided.
Tata Housing spokesperson declined to comment.
Lotus Greens is developing a 300 acre integrated sports city township. Godrej Properties has tied up with Lotus Greens for a housing project in this township only but it is yet to launch projects.
Despite slowdown in housing sales, Godrej Properties sold over Rs 300 crore worth villas on the first day of its launch of 100-acre township in Greater Noida being developed by the company in partnership with ACE group.
With land prices skyrocketing across the country, many developers are entering into a joint development agreement with land owners.
Out of Tata Housings' total portfolio, about 70-75 percent projects are in partnership with local real estate developers and land owners.
Established in 1984, Tata Housing is a closely held public limited company and a subsidiary of Tata Sons Ltd.
The company has about 60 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline. It caters to all consumer segments from value to luxury housing, by offering products ranging from Rs 5 lakh to Rs 14 crore.
Tata Value Homes has launched projects across seven major cities and is developing over 27 million sq ft residential developments.