Tata Introduces Nano Housing - Low Cost Housing Project In Mumbai

Published: May 7, 2009 at 12:38 PM | Author: Administrator
News Source: Media News

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The Tata Housing has launched a low cost housing project in Mumbai. The project will be known as "Shubh Griha Township" and will be built in Boisar, Mumbai. The Tata Housing will build 1,000 flats as part of the housing project. Costs of the flats will vary between Rs. 3.9 lakh - Rs. 6.7 lakh. The booking amount will be around Rs. 10,000. Selection of the flat owners will be decided by a lucky draw. After the successful launch of low cost car Tata Nano, the Tata Group has come up with another unique scheme that is aimed at the poor and middle class people of India. The booking of the flats will be done via the State Bank of India and allotment will be completed within 15 days. Common people can't spend Rs. 10 to 20 lakh to buy a flat in Mumbai. However, they may be able to afford Tata Housing's new low cost flats.

The Tata group, which recently launched the low-cost car, Nano, today entered the low-cost housing segment to target industrial workers and other low-wage earners. Tata Housing Development Company, are aiming at a Nano house, which will cost anywhere between Rs 3.9 lakh and Rs 6.7 lakh.

Announcing the launch of Shubh Griha, Brotin Banerjee, Managing Director and Chief Executive Officer of TATA Housing said, There is a huge opportunity in this segment as our study has shown that around 48 per cent people in the lower segment are currently staying in a rented accommodation and there is a lot of migrant population in industrial belts in cities. The company would also launch two to three such projects in Bangalore and the National Capital Region (NCR) in the current fiscal.

According to a research report released by the Tata housing arm, the country faces shortage of 24.7 million dwelling units, of which more than 70 per cent fall in middle and low income groups. Tata Housing, a subsidiary of Tata Sons, Shubh Griha project has launched its low-cost housing initiative.

Shubh Griha township will be launched at Boisar in Mumbai. Tata Housing has tied up with SBI and HDFC to help potential buyers with finance options. Applicants can purchase the Application form booklet at Rs. 200/- from SBI branches.

Booking: After purchase of the Application form booklet, bookings should be made in the next 20 days along with the initial booking amount of Rs. 10,000/- through bank pay order at selected branches of SBI bank across Mumbai. The first list and the waiting list will be declared after 15 days of the final booking after a thorough scrutiny of the submitted Application form booklets. The allotted would be sent allotment letters from TATA Housing along with the payment schedule. Details of other requirements have been provided in the Application form booklet itself.

House Types: Under the scheme three types of flats will be available. A one-bed room flat with a hall and kitchen in an area of 465 square feet. A one-room flat with a large kitchen in an area of 360 square feet. A one-room flat with a small kitchen in an area of 283 square feet.