Realty firm Tata Housing has tied up with another realtor Neptune group to develop a housing project in Mumbai at an estimated cost of Rs 200 crore.
The company, which is the real estate arm of the Tata group, on Wednesday announced expansion in the premium real estate space with the launch of new project ‘Eleve’ in Mumbai, in collaboration with Neptune Group.
The starting price of the flat in this project, spread over 22 acres, is Rs 1.4 crore, Tata Housing said in a statement.
Land parcel belongs to Neptune Group and both the partners would develop 500 units in this project at an investment of Rs 200 crore, sources said.
Commenting on the occasion, Brotin Banerjee, MD & CEO, Tata Housing, said: “We are extremely glad to partner with Neptune to expand our presence in Mumbai.”
Nayan Bheda, CMD, Neptune Group said this project is poised to benefit immensely from the vast experience of Tata Housing in creating landmark developments across the country and Neptune’s strong brand presence locally in Bhandup.
Established in 1984, Tata Housing is a closely held public limited company and a subsidiary of Tata Sons. It is developing 70 million sq ft under various stages of planning and execution and an additional 19 million sq ft is in the pipeline.