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Tata Housing, a unit of Tata Sons, is foraying into international markets with the launch of projects in Sri Lanka and Maldives in the current quarter, said a top executive of the company.
The real estate company, known for low-cost housing projects, plans to do a mix of luxury and affordable housing projects in these markets, he said.
"We have got interest from other foreign countries also, which we are examining. But for now, we are planning to launch our projects in one of the cities in Sri Lanka or Maldives in the current quarter," said Brotin Banerjee, managing director and chief executive officer.
The company may partner with local governments and land owners to launch its projects, he said.
He denied that the company was going the Tata group way, which derives 70 per cent of its revenues from international markets through companies such as Tata Steel, Tata Motors and others.
"It (international markets) will be a significant portion in the coming years but we will go in the reverse way to our parent. Nearly 80 per cent of our revenues will come from India and the rest from abroad," he said.
The company today launched an arm by the name of Smart Value Homes which will sell houses in the range of Rs 500,000 to Rs 35 lakh (Rs 3.5 million).
Tata Housing today announced the launch of its second 'Shubh Griha' project at Vasind, on the outskirts of Mumbai, part of Smart Value Homes.
The new company will sell low-cost homes below Rs 10 lakh (Rs 1 million) and affordable homes between Rs 12 lakh (Rs 1.2 million) to Rs 35 lakh, he said.
The company has acquired five to six million sq ft of land and plans to acquire six-seven million sq ft more to launch its projects in Bangalore, Chennai, Hyderabad, Pune and Mumbai.
"All the segments of housing have high potential. But if Tata Housing did all of them, it would lead to dilution of our potential. Hence, we launched the new company," he said.
