TATA Housing, a subsidiary of Tata Sons on Wednesday, announced that it would be offering ‘value homes’ at affordable prices under its ‘Shubh Griha’ project. To be housed in Boisar, which is two-anda-half hours by train from Mumbai, the homes would cost between Rs 3.9 lakh to Rs 6.7 lakh, minus the registration fee.
Addressing the media, Brotin Banerjee, managing director and chief executive officer of Tata Housing said Shubh Griha would bring in a topline of Rs 100 crore, though he declined to disclose the cost of the project. In all, 1,200 houses would be on offer under this scheme with another 1,300 that would be costlier. The houses under the Shubh Griha project would have the “ground plus two format.”
The company, taking a leaf out of the Nano book, would start the process by first distributing forms from this Saturday. A person booking the house can do so by paying Rs 10,000 and the list of winners would be decided through a random selection process or lottery. The winners will be required to pay the balance amount on the completion of the project — this will take two years.
Under Shubh Griha, the company would be offering houses in three sizes — 283 sq ft, 360 sq ft and 465 sq ft. Interestingly, a couple of private builders are already selling homes at similar rates in Boisar. Mr Banerjee, however, said that the Tata Housing project would receive a better response as it offers better amenities. He later told ET, “The plan is to later have Shubh Griha projects in Bangalore and Delhi over the next few months. This will depend on factors like how quickly the land is obtained.” Across all its projects, Tata Housing is looking to have a pan India presence in five years. “We plan to enter cities like Nashik and Ludhiana. Today, we have projects in Bangalore, Kolkata, Gurgaon, Pune and Goa,” Mr Banerjee said.
Today, the company has over 15 million square feet, with 80% going towards residential and the balance for retail. “We have doubled our topline in FY09 as compared to FY08 and expect to repeat that in FY10,” he said.
Titled Shubh Griha, the project aims at offering ‘value homes’
The houses would have ground plus two format
The group is keen to recreate its Nano magic
Winner to be chosen by lottery or randomly