Tata Housing plans villas in Maldives

Tata Housing is going International with the launch of its maiden projects in Maldives. Tata Housing is the fully owned real estate arm of Tata Group. The project is to be a public-private partnership between Maldives government and Apex, a special purpose vehicle formed by Tata Housing and Maldives-based developer SG18. Tata Housing owns 65% stake in the SPV. The villas in Maldives will be priced at Rs. 30 crores.

According to the agreement, the Maldives government has allocated four plots on an island on a 50-year lease to the SPV to develop residential apartments, of which 80% would be owned by the government to provide low-cost housing. The remaining 20% would be sold by the SPV, apart from a 1.5-lakh sq ft land parcel which will have about 50 villas costing around Rs 30 crore each.

The project is expected to finish it in 30 months time. According to the reports it is already commenced its activities. Tata Housing is planning to extend their international activities in Sri Lanka, South Africa and Kenya.