Wednesday, July 22, 2009

It is Cheap Homes from Tatas after Nano

They did it when everybody said it was impossible…Yes Tatas, after lots of odds, produced the Rs.1 lakh car, Nano and the first Nano will be presented today to the owner by Mr. Ratan Tata. Boosted by the huge response to the Nano, the Tatas have decided to dole out cheap dwelling units to the lower middle class of India.

Coined as Shubh Griha, the housing unit will be priced between Rs. 3.9 and Rs. 6.7 Lakhs. The project will be handled by the Tata Housing Development Company, the property development wing of the company. The first township is slated to be developed in the Mumbai suburb Boisar in Thane district. The company will then launch several projects under the same scheme at various metros, tier II and tier III cities.

After doling out cheap transportation in the guise of Nano which has created ripples in the market, the company strongly feels that cheap dwelling units will have the same effect and will contribute to the company’s philosophy of an inclusive business for all the strata ( low and mid level income group) of the society. According to Brotin Banerjee, MD of Tata Housing, there is a huge deficiency at the base level of the pyramid in the housing sector. And his proposition is well supported by the statistics that place a deficiency of 24.7 million dwelling units.

The allotments will follow the same pattern which has been employed in the allotment of Nano. The 1000 housing unit at Boisar’s proposed township will be allotted through the lottery system. The Shubh Griha’s, as they are called, will range from 283 to 465 Sq. ft. and will comprise of one bedroom-kitchen flats.

The company has tied with SBI and HDFC to help the buyers with loaning facilities and the application form will be sold at Rs 200 with the booking amount placed at Rs. 10,000. The company expects to raise an amount in the range of Rs. 100 crores.

0 comments:

Post a Comment