OFFERS HOUSES AT RS 3.9-6.7 LAKH IN BOISAR, CHARTS OUT NCR PLANS

Tata Housing, a subsidiary of Tata Son 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 and half hours by train from Mumbai, the homes would cost between Rs 3.9 lakh and Rs 6.7 lakh (excluding the registration fee).

Addressing the media, Brotin Banerjee, managing director and chief executive officer of Tata Housing said the Shubh Griha would bring in a top line of Rs 100 cr though he declined to disclose the cost of the projct. 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 te process by first distributing forms which will start on 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 required to pay the balance amount on the completion of the project in two years.

Under Shubh Griha, the company offer three sizes - 283 sq ft, 360 sq ft house and 465 sq ft. Interestingly, a cople of private builders are already offering homes at similar rates in Boisar. Mr Banerjee, however, says that the Tata Housing project woud receive a better response as it offers better amenities. He later told ET: “The plan is to start 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 Housig 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 Banglore, Kolkata, Gurgaon, Pune and Goa,” said Mr Banerjee.

Today, the company also has over 15 million square feet of area with 80% going towards residential and the balance for retail. “We have douled our top line in FY09 as compared to FY08 and expect to repeat that in FY10,” he said.

Courtesy:- Et dt:- 07/05/2009