Track2Realty: Tata Housing has announced a non-binding MoU of Rs. 3500 crore with the Government of Gujarat at the Vibrant Gujarat Summit in Gandhinagar, yesterday. This agreement represents Tata Housing’s persistent efforts to create sustainable affordable townships and has been planned for the suburbs of Ahmedabad.

The MOU was signed by Brotin Banerjee, MD and CEO, Tata Housing, in the presence of  Narendra Modi,  Chief Minister of Gujarat.

Commenting on the MoU with the Government of Gujarat, Brotin Banerjee, said, “As part of our long term strategy, we are looking at creating homes in the emerging Tier I and Tier II cities. With Gujarat and specially Ahmedabad being one of India’s most desirable cities to live in, this MoU will support our efforts in building sustainable townships for urban dwellers at affordable price points.”

The Public-Private Partnership (PPP) model being implemented for this deal will help deliver urban affordable homes to 5 million people in Ahmedabad.  The project is expected to be over 100 acres with an investment of over Rs.5000cr over a period of 8 years. Like all other properties of Tata Housing, the projects in Gujarat will be constructed based on the Indian Green Building Council (IGBC) and will be designed to reduce the negative impact on the environment.

The Gujarat government envisions construction of over Rs. 28 lakh affordable homes in rural areas and Rs. 22 lakh homes in urban area, worth $30 billion over 5 years.