Tata Housing New Residential Project of Rs 7,000 crore launched by Tatas
Tata Housing New Residential Project of Rs 7,000 crore launched by Tatas in this financial year. Tata Housing Development Company Limited (THDCL), the property development arm of the Tata group of companies, plans to invest between Rs. 6,000 crore and Rs. 7,000 crore this fiscal, to fund its expansion plans. Tata Housing has launched a residential project of nearly 4,000 apartments, nearly 1.5 km from Vasind Railway station, according to media report.
Managing Director and Chief Executive Officer of THDCL Brotin Banerjee announced in Mumbai on Monday (Oct 11, 2010) the formation of the new subsidiary “Smart Value Homes” that would execute the integrated township project spread over 52- acres with a clear land title. Tata has been already invested around Rs. 2,000 to Rs. 2,500 crore for various expansion projects this fiscal. “In the next six months we would be spending the remaining funds,” he said.
The township would comprise 1,250 flats in the low-cost category in its ‘Shubh Griha’ brand and range between Rs.5.79 lakh and Rs.7.82 lakh. The saleable area of these flats would be 362 sq. ft for a room and a kitchen and 489 sq. ft for one bedroom, a hall and a kitchen. The rest of the houses fall under the affordable category that include row houses. The low-cost houses will be mainly for persons from the informal sector who face difficulty in obtaining and/or utilizing home loans. The company also has tied up with a micro-finance company to offer loans to prospective customers.
Tata Housing said that it would offer facilities, including elevators, gyms, community centres, a school, a health care centre and retail space. The allotments will be made through lottery, and possession will be given in two years.
The move of Tata Housing is aimed at giving the parent company, THDCL more time to focus exclusively on the premium and the luxury home segment. Flats in the price range of Rs50 lakh to Rs1.5 crore fall under the premium segment, while those costing Rs1.5 crore to rupees seven to eight crore fall under the luxury segment, Banerjee informed.
“Affordable and value home segments would be very important parts of Tata Housing’s growth strategy,” he said.
The Tata Housing company also has plans to launch its rental housing scheme in the near future. However, the senior officials refused to divulge more details about the same. Banerjee also said that at present the company has around 40 million sq feet of land mass available for development.
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