New Delhi: Realty firm Tata Housing is in an advanced stage of discussions with private equity fund Macquarie to set up a joint platform with a corpus of about Rs 2,500 crore for developing luxury housing projects across major cities.
The deal is expected to close this month, sources said.
The joint platform with Australia-based Macquarie Group would invest in future luxury and premium projects of Tata Housing, they added. When contacted, Tata Housing’s spokesperson declined to comment. This would be the second such platform for Tata Housing. Tata Housing’s subsidiary Tata Valuer Homes has formed a platform of about $90 million as it targets to develop about 16,800 homes over the next 10 years.
In May last year, World Bank Group member IFC had announced an investment of $25 million (around 160 crores) to finance affordable projects by Tata Housing. In May this year, UK-based CDC also invested $25 million. Established in 1984, Tata Housing is a subsidiary of Tata Sons, which holds 99.86 percent of the company’s equity share capital. Tata Housing has 70 million square feet under various planning and execution stages and an additional 19 million square feet in the pipeline. It has projects across major cities.