Tata Housing forms joint venture for 3-acre project in Kolkata

NEW DELHI: Realty firm Tata Housing today announced a joint venture with Keventer group for a 3-acre luxury residential project in Kolkata.

"Tata Housing has enhanced its land bank of premium locations through JV with Keventer group for a 3 acre (approx) land parcel at New Alipore in Kolkata," the company said in a statement.

With realty sector facing slowdown, Tata Housing said it has been utilising this opportunity to strengthen land bank to create ultra-luxury projects across prime locations in major metros across the country.

Commenting on the announcement, Tata Housing MD & CEO Brotin Banerjee said: "We believe this is the right time to increase our foot print of quality land parcels in city centers of major metros as the demand will start picking with improvement in macro economy by end of this year."

This joint venture is in line with Tata Housing's vision to expand their presence in the fast growing segment, he added.

Keventer group Managing Director Mayank Jalan said: "We are extremely delighted to partner with Tata Housing for this land parcel. This is just the beginning of our long term relationship with Tata Housing and we will be doing many more projects."

Tata Housing, a subsidiary of Tata Sons Ltd, has 70 million sq ft under various stages of planning and execution and an additional 19 million sq.ft in the pipeline.

Keventer group has diverse interests in dairy, beverages, real estate and infrastructure.

In its plea, Kingfisher has also sought directions to SEBI, NSE and BSE restraining them from taking any action against it under the Securities Contracts (Regulation) Act, 1956 and as per SEBI circular.

It has also sought an order declaring the conduct of Ministry of Civil Aviation as "arbitrary, unjust and violative of articles 14 and 19 of the Constitution" for "failing" to decide its application for security clearance to Bhasin till date.
The airline has contended that it has not been able to constitute a Board of Directors or submit its quarterly financial results for the quarter which ended on March 31, 2014, as its application seeking clearance to Bhasin has been pending and claimed that it should not be punished/penalised for the same.