Latest News | Tata Housing to Invest USD 36 Mn to Develop 2 Residential Projects in Maldives

New Delhi, Feb 23 (PTI) Tata group's realty firm Tata Housing on Wednesday announced an investment of USD 36 million (around Rs 270 crore) to develop two luxury residential projects in Maldives.

The company will construct around 117 housing units in these two projects.

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In a statement, Tata Housing said it has launched another international project in Maldives.

Tata Housing, which entered the Maldives market around a decade ago, has already completed a social housing project in the island country in partnership with the Maldives government.

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"With an investment of approximately USD 36 million, Tata Housing will develop 2 residential projects at Nadhee and Odean in the city of Male, which will offer approximately 117 units of luxurious 3 bedroom apartments in the region," it said.

Strategically located at Majeedhee Magu City Centre Road, the retail and residential luxury hub of the island, the project is developed in a public-private partnership with the Government of 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 in close proximity to the airport.

Commenting on the development, Sanjay Dutt, MD & CEO, Tata Housing & Tata Realty and Infrastructure Ltd, said, "We are excited to launch the second phase of our projects in Maldives. Nadhee & Odean will be the pride of Male City and Maldives Citizens. It is a premier residential development."

Tata Housing is committed towards delivering unmatched spaces and elevating the living experience of its homebuyers, he added.

"This development will be followed by Island developments in the near future," Dutt said.

Although Maldives is fast growing, he said the Male City needs more to meet the appetite of growth of Maldives as an economy and the rising standards of its citizens.

"We are committed to play 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 across 15 cities spanning commercial properties as well as residential projects.

Tata group is a global enterprise, which operates in more than 100 countries across six continents.

Tata's is one of India's largest conglomerates, with annual revenue of over USD 100 billion, employing over 800,000 people worldwide.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)