Tata Realty plans to triple its office space portfolio in 7 years

15 Jul 2024 CW Team

Tata Realty & Infrastructure (TRIL) plans to expand its office space portfolio to 30 million sq ft over the next seven years, tripling its current size of 10 million sq ft The company has recently acquired two new properties in Pune and Bengaluru, and has also expanded in Pune and NCR. During this period, it intends to further increase its portfolio.

This expansion is driven by the growth of flexible workspace operators, a significant emerging trend for the company. Additionally, TRIL is growing its residential business, with around 13 million sq ft of properties under development across NCR, Mumbai, and Bengaluru, which have an estimated revenue potential of about Rs 180 billion. The company also plans to develop a boutique luxury residential project on Hailey Road in central Delhi. Furthermore, TRIL owns a five-acre plot in Colombo and is considering developing 2.5 million sq ft on this land. The company will maintain its focus on Tier-I cities.

Since a significant portion of its current portfolio is part of special economic zones (SEZs), TRIL is applying for denotification in accordance with recent government regulations, which allow partial and floor-wise denotification. This amendment creates new opportunities for space utilization within SEZs, benefiting IT and ITES firms in particular. According to the Act, TRIL can seek denotification for up to half of its total portfolio.

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