Tata Housing to invest $36m to develop two residential projects in the Maldives
Tata Group’s real estate company, Tata Housing, on Wednesday announced an investment of $36 million (about Rs 270 crore) to develop two luxury residential projects in the Maldives.
The company will build approximately 117 homes in these two projects.
In a statement, Tata Housing said it had launched another international project in the Maldives.
Tata Housing, which entered the Maldives market a decade ago, has already completed a social housing project in the island nation in partnership with the Maldives government.
“With an investment of approximately $36 million, Tata Housing will develop 2 residential projects at Nadhee and Odean in Male City, which will provide approximately 117 units of luxurious 3-bedroom apartments in the area,” he said. declared.
Strategically located on Majeedhee Magu City Center Road, the island’s luxury shopping and residential hub, the project is being developed through a public-private partnership with the Government of the Maldives.
Tata Housing plans to develop these two residential plots with a total development area of 2.52 lakhs square feet and aims to redefine quality residences in the region.
Both projects are close to the airport.
Commenting on the development, Sanjay Dutt, MD and CEO, Tata Housing & Tata Realty and Infrastructure Ltd, said: “We are delighted to launch the second phase of our projects in the Maldives. Nadhee & Odean will be the pride of the citizens of Male City and the Maldives. This is a prime residential development. Tata Housing is committed to providing unparalleled spaces and improving the living experience of its buyers, he added.
“This development will be followed by island developments in the near future,” Dutt said.
Although the Maldives is growing rapidly, he said the city of Male needed more to meet the Maldives’ appetite for growth as an economy and the rising standards of its citizens.
“We are committed to playing our part as a responsible real estate development company,” Dutt said.
Tata Realty & Infrastructure Ltd, a subsidiary of Tata Sons, is one of the leading real estate developers in India with an extensive portfolio of over 50 projects in 15 cities covering commercial properties as well as residential projects.
The Tata Group is a global company, operating in over 100 countries on six continents.
Tata’s is one of India’s largest conglomerates, with annual sales of over $100 billion, employing over 800,000 people worldwide.