Tata Housing Development launches 'Shubh Griha'

Written by Corporate Bureau | Mumbai | Updated: May 8 2009, 03:53am hrs
Tata Housing Development Company, a fully owned subsidiary of Tata Sons has forayed into a low cost housing project across 67 acres land in Boisar in Mumbai called Shubh Griha, thus launching its first value homes concept.

Addressing a media conference, Brotin Banerjee, managing director & CEO, Tata Housing Development Company said, Through the value homes concept we will sell about 1,200 apartments in Phase I which will be priced between Rs 3.9 lakh to Rs 6.7 lakh. The area size of flats will be a mix of approximately 465 sq ft, 380 sq ft and 280 sq ft respectively.

Banerjee said the value homes will be sold to home buyers based on the basis of a lottery system wherein flats will be provided only to those home buyers whose names will be chosen through this system by the company. The lottery forms will be available to the homebuyers at select SBI banks from May 9, 2009 onwards.

As for the booking process, Banerjee explained that applicants can purchase the application form booklet for Rs 200 from SBI branches. After purchase of the application form booklet, bookings can be made in the next 20 days alongwith the initial booking deposit of Rs 10,000 through bank pay order at select SBI bank branches across Mumbai. He said, The first list and the waiting list will be declared after 15 days of the final booking after a thorough scrutiny of the submitted application form booklets. The allotted customers would be sent allotment letters from Tata Housing alongwith the payment schedule.

Banerjee added, Home buyers will be provided possessions of flats only after two years. While we expect revenues to the tune of Rs 100 crore through Shubh Griha, the total project cost of Shubh Griha is less than Rs 100 crore. The value homes by Tata Housing will have a pan India presence with similar projects across Tier I and II cities including Delhi, Bangalore and Kolkata.

As for the rationale behind foraying the value homes concept, Banerjee said, We observed that since most of the people in the low income bracket live away from their families to earn a livelihood in the big cities, there is a large percentage of migrant population with these people living either in rented or company provided accommodation. Specifically, our study shows that around 48% of people in the lower segment are currently staying in rented accommodation. Shubh Griha initiative is in line with the group's philosophy of commitment to providing quality, innovative products for the common man".