Tata Housing Development Company and Arvind Limited, the lifestyle apparel and textiles company, has announced to enter into a strategic partnership. The two conglomerates have floated a 50:50 joint venture to develop an integrated township project spread over 134 acres near Ahmedabad.
The project will have a built-up area of more than 9 million square feet, located on the western outskirts of Ahmedabad. The township will include residential, commercial and retail spaces apart from a hospital, a school and other civic amenities.
Tata Housing has been into developing integrated and sustainable township projects. Its existing portfolio is well over 45 million square feet, in various stages of development.
Speaking on the partnership, Brotin Banerjee, MD & CEO of Tata Housing Development Company Limited, said, “We are proud to partner with one of the most respected business groups of India. As part of a long-term strategy, we are looking at establishing our presence in the emergent Tier I and Tier II cities. This partnership with Arvind Limited will help us tap onto Gujarat, an important market, for township projects, while being committed to our endeavor of sustainable development.
Arvind Limited, market leaders in textiles and a world leader in denim has diversified its businesses. Arvind’s recent foray into real estate has seen it become one of the prominent developers of the city of Ahmedabad. The three running projects in the city include a prestigious residential project in eastern Ahmedabad having a built-up area of around 3 million square feet.
Sanjay Lalbhai, CMD of Arvind Limited, said, “Arvind is excited to have joined hands with Tata Housing for their first-ever real estate venture in the state of Gujarat. This partnership will create and deliver significant value to the consumers in real estate and shall benefit the state of Gujarat in general and the real estate sector in particular.”
Kamal Singal, CEO-Arvind Real Estate, added, “The project is a significant step towards our mission to create and deliver real estate value to the consumers. Tatas bring in immense credibility and Arvind with its 80 years legacy brings in immense amount of trust well needed in the real estate industry. We look forward to setting new benchmarks in real estate product quality and service standards in Ahmedabad.”
