New Delhi: Tata Realty & Infrastructure (TRIL), a subsidiary of Ta- ta Sons, plans to augment its office space portfolio to 30 million sq ft over the next seven years from the current 10 million backed by expansions in Mumbai, Bengaluru, Pune, and NCR, Sanjay Dutt, managing director and chief executive, told ET.
Since most of its current portfolio is part of Special Economic Zones (SEZs), TRIL is applying for their denotification in line with recent government rules. Last December, the government revised SEZ rules, allowing partial and floor wise de- notification. This amendment opens new avenues for space utilisation within SEZs, particularly benefiting IT and ITES firms that currently dominate India’s SEZ lands- cape. Dutt said as per the Act, TRIL can seek denotification for up to half of its total portfolio.
“The majority of our portfolio right now is SEZ, and we have already crossed several stages of approval. We are going for the denotification of up to 50% of our existing portfolio, in phases,” he said.
Dutt said India meets global infrastructure standards, and with institutional landlords present, the current scenario is conducive to commercial real estate growth.
“We have made two new acquisitions in Pune and Bengaluru which will make us a pan India developer except Hyderabad, which we are yet to acquire. In addition, there are some other opportunities in our portfolio that we have not included in the targeted development of 30 million sq ft,” said Dutt.
The company also has a five-acre plot in Colombo where it may consider developing 2.5 million sq ft.
“Between those seven years, we will obviously add more to the port- folio. We are not looking to acquire ready-built buildings as these are not designed as per our design,” Dutt said.
On launching a real estate investment trust (REIT), he said, “Those options are always there. At that po- int in time, we will take a call. We don’t want to comment right now because it’s very fluid. Right now, our goal is to scale our portfolio and become meaningfully sizeable”.
Co Secures ₹825 cr Loan from IFC
MUMBAI BENGALURU: Tata Realty & Infrastructure has secured a loan worth ₹825 crore loan from the World Bank Group member International Finance Corporation (IFC) for the strategic refinancing of Ramanujan Intellion Park in Chennai.
This financing is part of Tata Realty’s broader commitment to advance its sustainability efforts.
The funds will further integrate state-of-art sustainable technologies and practices at this flagship asset, which boasts leasable area of around 4.67 million sq ft of IT/ITES commercial office spaces.
“IFC’s investment highlights the pivotal impact that climate- focused financing has in driving substantial environmental progress and will support Tata Realty to expand its portfolio of net zero carbon buildings,” said Imad N Fakhoury, IFC’s regional director for South Asia.
Source- The Economic Times
