TATA Housing Development Company, the real estate arm of the Tata group, plans to leverage its tie-up with banks and financial institutions by developing properties on surplus land owned by other Tata group companies that it can later sell to consumers.
The tie-up with banks enables the company to avail of loans at attractive rates. That will help Tata Housing counter the ongoing slump in the real estate market, said a senior Tata Housing executive, adding that loans for their company projects can be availed of at rates in the 6-9% range, at a time when similar loans are contracted at 11-14%. Currently, Tata Housing is in the process of identifying excess landbanks owned by the group companies such as Tata Consultancy Services, Voltas, Rallis India, Tata Motors, Tata Coffee and Tata Tea in various cities.
We have tied up with different banks depending on the amount and requirements. Consumer finance for residential projects are done by various banks, including SBI, IDBI, PNB, Axis Bank, HDFC, ICICI and others, said MD Brotin Banerjee.
More : economictimes.indiatimes.com
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