After the launch of the world's cheapest car ‑ the Nano, the Tata Group is embarking on yet another low-cost dream. Tata Housing, a subsidiary of Tata Sons, has launched its low-cost housing initiative, with homes costing anywhere between Rs 3.9 lakh to Rs 6.7 lakh. CNBC-TV18's Priyanka Ghosh reports.
Tata Housing, a subsidiary of Tata Sons, today launched the project that will have 1,200 apartments under the Shubh Griha brand. To be built on a 63-acre plot in Boisar — north of Mumbai — the price range for the apartments would be between Rs 3.9 lakh and Rs 6.7 lakh. The project, whose timeline is about two years, is expected to clock a turnover of about Rs 100 crore, the company said. It is also learnt that the township will also have higher-priced homes above the Rs 3.9–Rs 6.7 lakh bracket. These may be in the price bracket of Rs 10 lakh and Rs 15 lakh.
The Tata Housing group also plans to take its value-home product, Shubh Griha, to other cities like Delhi and Bangalore this year and the company is looking for land parcels on the periphery of these cities.
When asked how the company would be able to keep costs low, it said their designs were innovative and that it had ‘some trade secrets’. Also, the Tata Housing group does not entirely own the land that it is building the township on. Here’s the deal: the group has tied up with the land owner and will work on a revenue-sharing model.
The group has struck an alliance with the State Bank of India and the bookings for the first thousand apartments started on Saturday and closes in about two weeks. After that, there will be an allotment through a lottery system.
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