India-based construction giant Tata Housing Development has announced a multi-million dollar cooperation agreement with the Maldives government to construct residential and resort properties in the country.
The Wall Street Journal newspaper reports that as part of a Maldives government-commissioned programme valued at an estimated US$190million, Tata will develope around 350 residential flats and a number of island villa properties that will be sold both to the state and on the open market.
Tata estimates that about 80 per cent of the flat developments from the project would be sold to the Maldivian government, with the remaining properties sold privately in the country. No plans were mentioned for the proposed island villas.
Tata Housing Managing Director and Chief Executive Brotin Banerjee has told media that the project is expected to be completed within two to three years, with work carried out by a company called Apex Realty, part of the SG18 Developers group.