Tata Housing plans to expand in Africa
Tata Housing announced its plans to expand in the African region. The company said it recently signed an MoU with the National Housing Corporation (NHC) and a private real estate firm to develop more than 4.5 million sq. ft. of mixed-use township across Kenya and Tanzania.
The two mixed-use development projects are expected to be launched by January 2018. Developed in two phases, the projects will be priced in the range of 75000 USD – 100,000 USD per unit catering to the mid-income segment. The investment in both projects is expected to be more than Rs 1000 crore across both the phases over the next 3-4 years.
Brotin Banerjee, CEO & MD, Tata Housing said, “Our early success in Sri Lanka and the Maldives gave us the impetus to further expand our international footprint. Starting with Kenya and Tanzania, we will cater to the mid-income segments and fulfill their demand for superior quality housing.”
Banerjee said with 60% of urban population living in informal housing, there is consistent growth in demand for housing across both Kenya and Tanzania. “Only 15,000 units are released yearly against an approximate demand of 200,000 housing units in Nairobi alone,” he added.