Wednesday, 15 June 2011

TATA Housing Development Company and affordable housing

"We plan to invest Rs 2,500-3,000 crore in 2011-12 to develop existing and new projects in the affordable housing segment," Tata Housing Development Company managing director Brotin Banerjee said in March 2011. 

To achieve this, Tata Housing has formed a subsidiary Smart Value Homes to develop affordable houses in the price range of Rs 5-35 lakh. New Haven – the hill township at Vasind, is expected to offer 1,252 apartments including 2 BHK and 3 BHK homes starting at Rs. 15 lacs to 35 lacs INR with a minimum size of 638 sq.ft. Vasind is a developing industrial area and close to Kalyan. It will be constructed under the guidance of Indian Green Building council so as to achieve minimal impact on the environment. It has also collaborated with Micro Housing Finance Corporation to provide the informal segment (first time house owners and self-employed) of buyers with finance opportunities. A tie up with SBI and HDFC has been done to provide the formal segment with finance. The house allotment will be done on a lottery basis and some flats have been reserved exclusively for 1st time buyers.

A comparison between the prices offered by VBHC (as discussed in the previous blog) and Tata Housing shows that both the companies are offering similar prices. After having experienced the innovation that TATA Nano marked in, the nano in the habitat domain seams still to be far fetched. Or is this price tag already the housing nano?