Tata Housing Development Company and Arvind Limited, lifestyle apparel and textiles company, today said they have floated a 50:50 joint venture to develop an integrated township over 134-acres near Ahmedabad.
The project will have a built-up area of more than nine-million square feet, located on the western outskirts of Ahmedabad. The township will include residential, commercial and retail spaces apart from a hospital, a school and other civic amenities, a press release stated.
Tata Housing Development Company's managing director & CEO, Brotin Banerjee, said, "As a part of a long-term strategy, we are looking at establishing our presence in the emergent Tier I and Tier II cities".
Commenting on the development, Arvind Real Estate's CEO, Kamal Singal, said, "The project is a significant step towards our mission to create and deliver real estate value to consumers. Tatas bring in immense credibility and Arvind with its 80-years legacy brings in immense amount of trust well needed for the real estate industry."
