MUMBAI: After Rs 1-lakh people's car Nano, the Tatas on Wednesday unveiled a low-cost realty project which offers a house for less than Rs 4 lakh.
Tata Housing, the real estate development arm of the Tatas, will build one-room-kitchen flats for just Rs 3.91 lakh in a township being developed at Boisar, 100 km from Mumbai. Tata Housing, the real estate development arm of the Tatas, will build one-room-kitchen flats for just Rs 3.91 lakh in a township being developed at Boisar, 100 km from Mumbai.
The company has plans to replicate the project, Subha Griha, in the National Capital Region (around Delhi) and Bangalore in the current fiscal itself, he said. Out of the total 63.58 acres, there would be also space for "affordable housing" along with hospital, school and a community hall among others within the entire township project.
Tata Housing managing director and chief executive Brotin Banerjee said the initiative was launched as a large percentage of migrant population lived either in rented or company provided accommodation.
“We believe in empowering them (middle and low income groups) and giving them the pride of owning a house in a city like Mumbai,” Banerjee added.
Research data released by the company showed India faced a shortage of 24.7 million dwelling units, with over 70 percent of this shortage being in the middle and low income segments.
Thursday, May 7, 2009
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