Tata-Arvind gets Rs. 1,000cr townships

Ahmedabad : A leading realty player, Tata Housing Development Company Limited and Arvind Limited, which is an apparel and textile major, have forged a 50: 50 joint venture to build an integrated township and residential housing project on the outskirts of Ahmedabad in Gujarat at an estimated investment of Rs. 1,000cr. In this connection the Tata Housing has inked a memorandum of understanding with the Gujarat government for two integrated townships on an area of 134 acre and one of them would be built under the newly formed partnership.

ccording to the Marketing Head, Tata Housing, Rajeev Dash, both the partners are likely to invest huge funds in the townships projects but it will take about a month to come up with final figure as currently the joint venture partners are evaluating product mix to be offered for which the players are currently conducting market surveys. The newly announced projects in Gujarat are being built adhering to the Indian Green Building Council (IGBC) guidelines because the company is already building over 4.50 crore sq ft area across the country under the IGBC norms.