Track2Realty: Tata Housing has signed addendum agreement with the Government of Maldives for the successful completion of the residential projects in Malé, Maldives. The agreement was signed by Brotin Banerjee, Managing Director and CEO, Tata Housing in the presence of Minister of Housing and Infrastructure Dr. Mohamed Muizzu in Maldives.
The agreement of this project was signed in May 2010 between the government of Mohamed Nasheed and Apex Realty Pvt Ltd. to develop luxury holiday villas and premium apartments under the brand ‘La Grande’.
With the revised agreement, the Company will resume work on the Gaakoshi and Arabiyya sites. Apex Realty Pvt Ltd. is a joint venture between TATA Housing Development and SG 18 Realty.
Commenting on the announcement, Brotin Banerjee, MD and CEO, Tata Housing Development Company, said, “We are delighted with this development and look forward to working with the Maldives Government to develop the project. We are positive that this will significantly contribute towards building strong bi-lateral relations between India and Maldives, thereby, encouraging other companies in India to enter into similar JVs.”
He also added, “We are committed to deliver the residential apartments to the people and Government of Maldives and foresee huge demand potential of the project. The signing of this agreement is a significant milestone for Tata Housing and we endeavour to be a significant player in the international real estate market.”
The residential properties are designed by using modernist principles and contemporary clean lines and details to meet the city’s prescribed set-back requirements. The architectural design of the project is the innovation of globally-renowned architects F+A of the United States of America which uses contemporary designs and maximizes the use of living spaces and natural light and air.
Tata Housing also plans to expand its international footprint in other SAARC nations and Africa.
