Ahmedabad, 15 January 2013

Tata Housing announced a non-binding MoU of Rs 35 billion with the Government of Gujarat at the Vibrant Gujarat Summit in Gandhinagar, on Jan. 13, 2013.

Commenting on the MoU with the Government of Gujarat, Brotin Banerjee, MD and CEO, Tata Housing, said, “As part of our long term strategy, we are looking at creating homes in the emerging Tier I and Tier II cities. With Gujarat and specially Ahmedabad being one of India`s most desirable cities to live in, this MoU will support our efforts in building sustainable townships for urban dwellers at affordable price points.“

The Public-Private Partnership (PPP) model being implemented for this deal will help deliver urban affordable homes to 5 million people in Ahmedabad. The project is expected to cover over 100 acres of land with an investment of over Rs 50 billion over a period of 8 years. Like all other properties of Tata Housing, the projects in Gujarat will be constructed based on the Indian Green Building Council (IGBC) and will be designed to reduce the negative impact on the environment.

The Gujarat government envisions construction of over 2.8 million affordable homes in rural areas and 2.2 million homes in urban areas, worth USD 30 billion over 5 years.