MUMBAI: After Nano, the Tata Group has now joined the low-cost housing bandwagon by launching its first project at Boisar, near Mumbai.
Brotin Banerjee, Managing Director and Chief Executive Officer of Tata Housing Development Company Ltd on Wednesday unveiled ‘Shubh Griha’, a first of its kind pan-Indian low-cost housing brand, which will provide a flat ranging from 283 sq ft to 465 sq ft at a cost varying from Rs 3.9 lakhs to Rs 6.7 lakhs.
According Banerjee, the housing projects will come as self-contained townships and will include a range of amenities like hospital, school, recreational facilities and a community hall amongst others.
“To begin with, our focus will be on low -cost housing for the low income group, but eventually we will also look at middle income group at a latter stage,” he said adding that in the first year, the company has targeted to provide 1200 homes.
“Depending on the response in our first project in Mumbai, we will then take up projects in Bangalore, New Delhi and other NCR areas latter in this year,” Banerjee said. Tata Housing also plans to start similar projects in Chennai and Kolkata and subseuqenly branch out to other tier-I and tier- II cities.
According Banerjee, research has revealed that India currently faces a total shortage of 24.7 million dwelling units, with more than 70 per cent of this shortage in the middle and low income groups, and Tata’s ‘Shubh Griha’ is well placed to address these pockets.
Sharing Tata Housing’s own research Banerjee said that their study showed, nearly 48 per cent of the people in the lower segment currently stayed in rented accommodation.
“People, especially from the lowincome bracket live away from their families to earn a livelihood in big cities, there is a large percentage of migrant population with people living in either rented or company provided accommodation, which would be prospective buyers of our value homes,” he said.
The process of booking a flat with Tata Housing, begins with an initial booking amount of Rs 10,000, which will be announced soon.