Tata Housing will launch 10 million square feet of residential projects over the next 2-3 years with an estimated revenue of Rs 16,000 crore to encash strong consumer demand, a top company official said.

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In an interview with PTI, Tata Realty and Infrastructure Ltd MD & CEO Sanjay Dutt sounded very bullish about the growth potential in India's housing market and said the company would be launching several projects to tap this rise in demand.

"We are launching 10 million square feet residential projects across various cities with a topline of roughly Rs 16,000 crore." Tata Realty and Infrastructure Ltd (TRIL) is a 100 per cent subsidiary of Tata Sons. Tata Housing is part of TRIL.

Elaborating on the launch pipeline, Dutt said majority of these projects will be in Delhi-NCR, Mumbai Metropolitan Region (MMR) and Bengaluru. Tata Housing will launch projects in other Indian cities as well and will also come up with its second project in Male, Maldives.

"Most of these projects will be launched over the next 24 months. We will launch plots, villas and apartments," Dutt said. The company is developing a large 140-acre township project 'Carnatica' in a joint venture with M S Ramaiah Realty LLP, he added.

Dutt highlighted that the company's residential business has achieved a strong revenue growth in the last five years.

"We have had a CAGR (compounded annual growth rate) of 26 per cent in residential business during the last five years and we are committed for further growth," Dutt said.

In April, Tata Housing had said its net sales bookings grew by 40 per cent during the last fiscal and achieved its highest-ever annual residential sales.

India's residential real estate market has bounced back strongly post-COVID pandemic. Sales performances of credible and branded real estate developers -- both listed and unlisted -- have been very robust during the last two financial years.

Talking about commercial real estate that falls under TRIL, he said the company's commercial office portfolio has doubled to 10 million square feet in the last five years and another 10 million square feet is under design and execution.

Out of the completed 10 million sq ft of office space, 7 million square feet is already leased. "We are targeting to lease the remaining 3 million sq ft over the next 18 months," Dutt said.

Recently, TRIL bought over 1.02 lakh square metres of land in Bengaluru from Graphite India Ltd for Rs 986 crore. Dutt said this new land parcel has a development potential of 4.5 million square feet. The office portfolio will reach nearly 25 million square feet area.

Dutt noted that TRIL is focusing a lot on sustainable green development of projects and the aim is to achieve net zero emission by 2035.

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