What's brewing at Tata Housing Development Co, the realty arm of the Tata Group? About 10 out of its 19 projects are grappling with various problems — ranging from angry homebuyers to unclear land titles, a report said.
A "special review", directed by promoter Tata Sons, is currently underway. A few months ago, a separate audit was undertaken by the company, according to an ET report.
Tata Housing CEO Brotin Banerjee, who has spent 13 years with the conglomerate, has been attending office sporadically over the past few weeks.
Senior sources in the real estate market who track the company and are familiar with its operations told ET that Banerjee is expected to quit before the end of the financial year.
Banerjee did not respond to an emailed query while a spokesperson for Tata Sons said, "We will not comment on such internal matters.''
"Many directors of Tata Sons have received complaints, some even legal notices from buyers, alleging irregularities... Internal review will look into all the complaints and bring out the real facts," the newspaper quoted a source as saying.
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