Portman Holdings Invested 65 Crore Rupees in Tata Housing Project

U.S.-based Portman Holdings invested 65 crore Rupees in Tata Housing luxury housing project based in Bangalore on 22 November 2012. Private equity funding is done for the first time for the Tata Housing project.

Tata Housing raised equity valued 240 crore Rupees in The Promont, from the Atlanta-based Portman Holdings, the vertically integrated realty company. Portman Holdings recognised the sustained growth as well as long-term opportunity in Indian housing segment. Investment of the company represented heavy endorsement for The Promont in Bangalore as the project.

Portman Holdings

Portman Holdings is the real estate development, management and investment company based in Atlanta. In the transaction where Portman Holdings invested a huge amount in Tata Housing, Yes Bank was its financial advisor. Portman Holdings raised as well as deployed 6 billion Dollars. It developed more than 50 million square feet of first-class realty across the world. In India, the company has invested in 3 million square feet property as of now.

About The Promont

The Promont is the Tata Housing project in which the US based realty invested 65 crore Rupees. Tata Housing will be developing 400 units in its first phase and 150 villas in its second phase. Price range of each unit will be somewhere around 1.5 to 3 crore Rupees while the villas will cost more than 5 crore Rupees. The cost of project overall would be 650 crore Rupees by 2017.

About Tata Housing

At present, Tata Housing has 60 million square feet land under many stages of execution or planning as well as additional 19 million square feet in its plan. The products range from 5 lakh Rupees to 14 crore Rupees. Tata Housing has its projects in various cities and states in India namely Gujarat, Goa, Chandigarh, Bengaluru, Maharashtra, Kolkata, Bhubaneswar, Chennai and Gurgaon. It has plans to expand its presence across other cities in India.

Tata Housing also has its venture in foreign markets like Maldives. It is in the process of exploring various other markets in South Asian countries as well as Sri Lanka.