India: Tata Realty to invest about $200m in three office projects

Tata Realty and Infrastructure Ltd (TRIL) will buy commercial projects in Pune, Bengaluru and Chennai for 1,200-1,400 crore, a top company executive said. The company will build information technology (IT) parks of around 12 million sq. ft at these locations.

The Tata Group company, which has a sizable low-cost housing portfolio, is also making a strategic shift to build more mid-income homes in the 40 lakh-plus category. It will gradually scale down its investment in low-cost housing. Under Tata Value Homes, its affordable housing segment, the company has six under-construction projects.

“We already have a large portfolio of housing projects across 15 cities. So, it makes sense for us that we add more commercial now. It gives us more scale and de-risk from depending on one segment of real estate,” Sanjay Dutt, managing director and chief executive officer, TRIL, said in an interview.

The company is also in the process of building a 7 million sq. ft business park on a 47-acre plot at Ghansoli in Navi Mumbai. Two years ago, TRIL, along with its then partner Standard Chartered Private Equity, had bought the land for 325 crore.

TRIL’s focus to expand its commercial real estate portfolio comes at a time when several other large developers and institutional funds are rushing to capitalize on the growing demand for office spaces, even as the residential market is yet to recover from a prolonged slump.

Many private equity and investment firms, including Blackstone Group and Brookfield Asset Management, have been lapping up several large fully leased prime commercial office buildings in prime real estate markets across India.

The company plans to scale down its focus to just six key cities such as Mumbai, Bengaluru and Delhi-NCR from its existing 15 cities at present.

This article was first published on livemint.com.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.