In a recent development, leading realty firm Tata Realty and Infrastructure (TRIL) have decided to step up its focus on the development of more commercial projects to maintain its real estate portfolio. The move has been strategised to create a balance between residential and commercial projects so as to enhance their legs in this real estate category too.
According to company senior officials, the group will start with ramping up their land acquisitions by adding around nearly 10-15 million sq. ft within a short span of time. At present, the group has approximately 5 million sq ft of commercial space, which is completed and leased, while another 2 million sqft is under various phases of construction. The company is also planning to launch more 1 million sqft of commercial development by the end of this year.
Commenting on the above, Sanjay Dutt, managing director and chief executive officer (CEO), TRIL said, “Our main aim is to dominate the commercial real estate market. Currently, the commercial to residential ratio is around 20:80. But with this move, we will now create a balance between the two categories. We want ourselves to be named as an all-rounder in the Indian real estate market.”
He further informed that under this, the company will develop corporate offices, information technology parks as well as shopping centers.
The decision is going to help TRIL in strengthening its commercial office portfolio that generates steady annual income as compared to the residential sector.
Apart from this, the company is also planning to put focus more on real estate developments in markets like National Capital Region (NCR), Mumbai, and Bengaluru along with Pune, Chennai, Kolkata, and Hyderabad.