NEW DELHI: Tata group’s realty firm Tata Housing has announced its foray into Sri Lanka with an investment of over USD 400 million (about Rs 2,400 crore) to develop a township project at Colombo.
The project will be developed in partnership with Urban Development Authority of Sri Lanka.
Tata Housing, a subsidiary of Tata Sons, had already ventured into the Maldives with a real estate project.
The Colombo project is mixed use township.
“The first of its kind initiative by an Indian real estate company will involve investments of over USD 400 million,” Tata Housing said in a statement.
A company spokesperson the investment will be spread over the next 6-8 years.
The project would commence with start of construction of residences for rehabilitation of the current tenants in the first phase and launch of a mix-use development project at Slave Island in Colombo.
The project will be spread over 8 acres of land, out of which three acres will be earmarked for rehabilitation.
The Sri Lankan Urban Development Authority has rehabilitated residents of the Slave Island till the time of the completion of the project.
The authority aims to provide better housing facility to the occupants with over 550 residences. -AP
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