Tata Value Homes secures $ 50-mn infusion

Tata Value Homes
In an encouraging development in the real estate sector, the UK government-owned development finance entity, CDC, has decided to invest $25 million in Tata Value Homes, which is a wholly owned subsidiary of Tata Housing Development Company, mainly focusing on affordable housing projects, official sources said. Further adding that apart from CDC, IFC, a member of the World Bank group, will also invest $25 million in the company as it ramps up construction of affordable homes and townships across the country. The company will deploy the funds in its on-going projects in various cities and has now become financially comfortable for the next couple of years, CEO and MD of Tata Housing, Brotin Banerjee, said. Tata Value Homes, apart from its Indian operations, also plans to raise international fund in the next six months to develop affordable housing townships in Africa and South Asian countries and has already ventured into other foreign markets such as Maldives and Sri Lanka where it is currently constructing townships, he claimed.

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