Tata Housing today signed an agreement with the Gujarat government to investment Rs 1,000 crore for developing a township in Ahmedabad on a public-private partnership (PPP) model.
The agreement was signed on the second day of the Vibrant Gujarat Summit at Gandhinagar , Tata Housing Managing Director and Chief Executive Brotin Banerjee said.
"The proposed project, which would be a township and may involve one or multiple projects, needs many clearances from the state administration and we hope to get them in the next two months. The project, to be developed on PPP model, would in the affordable housing segment," he said.
On the project completion and the type of the housing, he said, it will take at least three-four years for completion and it would be in the affordable (Rs 10-20 lakh, 2-3 BHK units) range.
On the increasing focus of the Tata Group in Gujarat, he said the state offers one of the best investment climates in the country today. Moreover, the state administration is very proactive when it comes to private sector investment.
"In fact, we have been looking at entering Gujarat for some time now, but one way or other, it never materialised. The Vibrant Gujarat summit just enabled it."
The USD 73-billion Tata Group, the country's largest industrial house that straddles from salt to software, has already pumped in Rs 30,000 crore in Gujarat. The recent high profile investment was by Tata Motors at Sanand near Ahmedabad to roll out the world's cheapest car, the Nano.
At the summit yesterday, Tata Motors had signed a pact with the state for rural transportation.