Tata Housing to foray into new markets
Tata Housing, after receiving phenomenal response for its low-cost housing project at Boisar, 120 km away from Mumbai, now plans to launch similar projects in tier I and tier II cities, its chief executive said, reports Lalatendu Mishra.india Updated: Nov 23, 2009 21:57 IST
Tata Housing, after receiving phenomenal response for its low-cost housing project at Boisar, 120 km away from Mumbai, now plans to launch similar projects in tier I and tier II cities, its chief executive said.
“We will set up a pan India presence across in India. We are expanding into new geographies and markets like Lonavala, Pune, Chennai and other markets,” said Brotin Banerjee, CEO & MD, Tata Housing Development Company.
The company’s foray into new markets comes after its successful entry into the ultra low-cost home market for industrial workers in fringe areas of Boisar. Six months ago the company had launched housing projects in the price range of Rs 3.9 lakh to Rs 6.7 lakh on the portion of a 67 acre plot.
“We received 7,000 applications for 1,000 Shubh Griha flats and as a gesture of goodwill offered another 300 flats in the first phase. All the 1,300 flats will be delivered as per schedule in March 2011,” said
Contrary to normal practice of project delays by the developers’ community, Tata Housing is, in fact, running ahead of the schedule and within six months of the project launch it has constructed up to two floors of some buildings.
In the first phase, it is constructing 61 buildings in a configuration of ground-plus two floors and each building is being constructed within 120 days starting from ground breaking.
As on date five buildings have reached up to first floor slab, 19 buildings have come up to plinth level and foundation is coming up in 15 buildings.
According to engineers working on the project, all 61 buildings would be complete by August 2010. The same plot of land has also an affordable housing segment with flats being priced at Rs 12 lakh onwards.
“Phase I was sold out within 2 months of the launch — this is a phenomenal response we received for New Haven,” said Banerjee.