Tata Housing targets Rs 450 crore sales revenue from luxury project at Kasauli

Kasauli: Realty major Tata Housing is eyeing sales target of Rs 450 crore by 2020 from its luxury housing project in Himachal Pradesh, as per a top company official.

Tata Housing, the real estate arm of Tata group, is developing a high-end housing project on 22 acres of land parcel in a joint venture with Impact Projects.

"We are developing 102 high-end luxury villas in this project. The first phase 'Myst' comprising 60 units will be completed in next 3-6 months," Tata Housing MD& CEO Brotin Banerjee told PTI.

Today, the company launched the second phase of this project called 'Cliffside' having 42 units in a price range of Rs 3-6.5 crore, he added.

Asked about the total investment in this project, Banerjee said the total project cost for both the phases is Rs 200 crore.

On sales realisation from this project, he said the company expects a revenue of about Rs 450 crore by 2020, when this project would be delivered.

"We have already sold 45 villas in the first phase out of 60 units despite slowdown in the market. The ticket price of the first phase was in the range of Rs 3-15 crore," Banerjee said, adding that buyers are mostly from New Delhi, Punjab and Mumbai as well as few NRIs.

"Irrespective of the market conditions, the demand for luxury holiday homes in the hills is constantly on a rise," he said.

"After the successful sale of our second homes in Goa and our luxury wellness homes in Thane, we believe the launch of Cliffside will bring promising returns both to the customer and the company," Banerjee said.

With PTI Inputs