OREANDA-NEWS. July 6, 2011. Tata Housing Development Company (Tata Housing), one of the fastest-growing pan-India real estate developers, with a presence across the consumer pyramid, on July 5, 2011, announced the company's foray into the international market by launching their first overseas project in Maldives. The project will be jointly developed with SG18 Developers, under the banner of Apex Realty, a special purpose vehicle (SPV) created for the Maldives foray.

Speaking on the occasion of the launch, Brotin Banerjee, MD and CEO, Tata Housing, said "This venture marks our international foray and gives us the opportunity to showcase our expertise in building affordable as well as luxury housing in the foreign market. In the coming years we plan to expand our footprint in other SAARC nations and Africa."

Maldives, especially Male, faces acute housing shortage with a long waiting period, high population density and inadequate infrastructure facilities. In order to cater to this shortage, the Government of Maldives has launched a USD 500-million project to develop 10,000 housing units for the Maldivians. Apex Realty has signed an agreement with the Government of Maldives for developing residential apartments through a public-private partnership (PPP) model.

The Government of Maldives has allocated four plots on a long-term lease of 50 years to Apex Realty to develop residential apartments and retail space in Male. Eighty per cent of the apartments will be handed over to the government and the balance 20 per cent will be sold in the open market by Apex Realty. Additionally, the government will also provide commercial space admeasuring 1.5 lakh sq ft to be developed and sold or leased out for 50 years, and an exclusive island (Lhossalafushi) on Faadipolhu atoll, to develop premium luxury villas admeasuring 20,000 sq ft each.

All the residential properties are designed by reputed international architects, F+A of the US. The architectural sophistication of this project will provide its residents elegance through its unique contemporary design. Each residential apartment is strategically designed to maximise its living space and the flow of natural light and air. Other amenities include a unique landscaped deck — designed in such a way that the residents can use it as social community space, swimming pool, spa and gymnasium and parking space — secured access to residential lobbies and barbeque counters.

Like all other Tata Housing properties, the projects in Maldives will also comply with all the 'green' building norms, reducing any impact on the environment. Tata Housing has created a strong foothold in luxury living by developing its two premium luxury properties in Pune (Prive) and Gurgaon (Primanti).