Hindustan Times reported that even as the real estate sector is gradually slowing down as far as retail sales are concerned, TATA Housing, the real estate arm of the TATA Group, is consolidating its position. The company has set aside around INR 1,000 crore to be invested in land acquisition and joint development projects.

Mr Brotin Banerjee MD of TATA Housing said that the company is looking to purchase land parcels throughout India. He added that "We would be investing anywhere between INR 700 and INR 1,000 crore of which 60% would be joint development and 40% would be outright purchase of land. We buy land from aggregators where the approvals are in place or where some pre level of approval is in place."

Following the new strategy, the company has bought a 12 acre land parcel in Bhubaneswar in an open bidding.

The company is planning a project in Bhubaneswar similar to the affordable housing one on the outskirts of Mumbai. Company officials refused to provide details.

(Sourced from www.hindustantimes.com)