Tata Housing to Invest $36 Million for Two New Housing Projects in the Maldives
Tata Housing, a subsidiary of Tata Sons is one of the pioneering real estate companies in the country with an extensive portfolio comprising of 50 + projects spread across 15 cities. The company has been actively involved in developing commercial and residential projects.
With a vision and mission to touch the skyline of Maldives, India’s leading Tata Housing has announced to launch two subsequent projects there. It is one of the prominent subsidiaries operating under the Tata Sons Private Limited that has declared that it plans to invest around $36 million for developing new residential projects at Odeon and Nadhee in the city of Male, Maldives. According to reports, the two projects will have 117 units of 3 bedroom premium apartments located at Majeedhee Magu City Centre Road. It is the residential and retail hub of the island. It is being developed in a public-private partnership with the Maldives government. Tata Housing is planning to develop it into a residential plot with an accumulated development area of 2.52 lakh square feet.
An official of the Tata Housing Group has said that they are quite excited about the launch of the 2nd phase of their housing project in the Maldives. Tata housing is all set to provide sprawling spaces and unmatched experience through their residential development project. They are grateful to the Government of the Maldives for being friendly investors in this joint venture. This project is likely to be followed by Island development projects in the upcoming days.
As one of the fastest-growing cities, Maldives needs a lot more infrastructure to keep up with their booming economy and rising living standards of the citizens. The company is excited to play its part in realizing the real estate development project. Tata Housing started its journey in the Maldives about a decade ago and has already completed multiple social housing projects around the island in partnership with the Maldives government.
The project comprises 20% free sale portion land for the development of 1.5 lakh square feet of business space and other 45-acre islands for monetization of the deal. According to an official of the Tata Housing, the government has located 4 floors on a long-term lease of 50 years to their partners in Male. Around 80% of the apartments need to be handed over to the government and the remaining will be available for sale in the open market.