Tata Realty and Infrastructure Ltd. will develop ultra-luxury residential apartments near Hailey Road, Delhi with an investment of ₹150 crore, a top executive told .
The company is in the process of getting approvals from the New Delhi Municipal Corporation (NDMC).
“We’re hoping to get the approvals by next year. As soon as we get the approvals, we will start the project,” said Tarun Mehrotra, business head, north & east India, Tata Realty and Infrastructure Ltd.
The Hailey Road project will have about 100,000 sq. ft. of built-up area with 40 to 42 7-star luxury apartments with average size of 2000 sq ft.
In 2012, Tata Housing had paid Rs 218 crore to buy a bungalow built on a 1-acre plot on Hailey Road. It had demolished the structure and now expects to launch the project at the same site in FY22-23.
“It will be a super luxury project. We are currently exploring the idea of having an internationally renowned designer or architect to design this, and possibly it will be a branded residence,” said Mehrotra. The company plans to go up to 6 floors or higher if permitted.
One of the first projects of Tata Housing was Tata Apartments on Prithviraj Road. “Even today people ask us if we have stock in that to give them something there. With this project, we will be kind of repeating that history again, and try to take that legacy forward,” he said.
According to Mehrotra, Covid-19 had a short-term impact on the business in the first and second waves as the overall uncertainty in the market pushed back the expansion plans of the company.
“So, the focus was to ensure that existing projects were well looked out for. Availability of labour was a big challenge during Covid, but now it has returned in force and work is back in full swing,” he said. “During Covid, however, availability of labour, men and materials was a challenge… However, because of the current bounce back of the market, we have kind of pushed forward a couple of launches.”
For approval of the Hailey Road project, NDMC, the Heritage Committee and the DUAC are some of the organisations involved. “If everything goes smoothly, we will launch in 2022-23 as per plan,” he said.
