Tata Housing to buy Alstom T&D's Bangalore land
23 Dec 2013
Tata Housing today said it had entered into an agreement with Alstom T&D India to buy its manufacturing unit land spread across 20 acres in Bangalore for Rs120 crore.
Tata Housing plans to develop an ultra-luxury residential project on the property.
It said in a statement, ''As part of our long term strategy, we are looking at expanding our presence in the fast growing city of Bangalore. We are witnessing phenomenal growth in North Bangalore as its commercial and residential market is growing exponentially.
"With Bangalore, being credited as the 10th most favoured property investment destination in Asia Pacific, we are planning to launch an ultra-luxury project on this land to cater to the increasing aspiration of ''higher living'' in the city. ''
It hopes to sign the sale deed in the next three months.
Tata Housing, set up in 1984, is a closely-held public limited company and a subsidiary of Tata Sons, which owns 99.86 per cent stake in it.