Tatas propose low-cost housing in Mumbai

The project,built on 63.58 acres,will offer 283 sq ft flats with a room and a kitchen at Rs 3.9 lakh under the brand ‘Shubh Griha’ and would also have a demarcated area where the price of units may range between Rs 10 lakh and Rs 16 lakh. It would also have a hospital,a school and recreational facilities.

Banerjee said Tata Housing will start similar projects under the ‘Shubh Griha’ brand in the National Capital Region (Delhi) and Bangalore in the current fiscal. It also plans to replicate such projects in Chennai and Kolkata followed by other Tier-I and Tier-II cities. “We observed that since most of the people in the low- income 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,” Banerjee said.

“Our study shows that 48 per cent of the people in the lower segment are currently staying in rented accommodation. As a real estate company,we are sensitive to the need of providing this segment with their own home along with community life,” he said,however,adding that local people would also be eligible to own homes in these projects.

Banerjee said in the Boisar project,a one BHK flat with a total salable area of 465 sq ft would be available at Rs 6.7 lakhs.

Tata Housing would sell 1,200 homes in the low-cost segment and 2,000 units in the affordable housing segment. Value homes would be sold through a lottery for which forms would be available at some select State Bank of India branches from coming Saturday.

Banerjee said Tata Housing has tied-up with HDFC and SBI for financing and is in talks with other lenders as well for this purpose.

The company is also looking for government support to start such projects under the public-private-partnership model,which according to Banerjee,could,in some extent,solve the staggering 24.7 million housing shortage in the country.