Giving a boost to the availability of affordable housing in the metropolis, Tata Housing Development Co on Monday announced the launch of a new residential project, comprising 4,000 apartments, about 1.5 km from Vasind railway station on Mumbai's Central Line.
Of the total number of homes, about 1,250 flats will be in the low-cost category in its Shubh Griha brand that will be sold for between Rs5.79 lakh to Rs7.82 lakh. These flat will have a saleable area of 362 sq ft for a single room and kitchen and 489 sq ft for one bedroom, a hall and a kitchen. The rest of the houses will also be in the affordable category and will include row houses.
"It will be an integrated green township spread over 52 acres with a clear land title,'' said Tata Housing managing director and chief executive officer Brotin Banerjee.
He said Tata Housing had set up a separate subsidiary, Smart Value Homes Pvt Ltd, which will cater exclusively for houses in the Rs5-35 lakh range in 10 cities across the country, and plans to invest Rs 2,500 crore in the affordable and value homes segment by 2011.
Parent to focus on premium segment
The parent company will now focus only on premium properties, Brotin said.
Until now, Tata Housing has focused on selling affordable residential properties ranging from Rs4 lakh to Rs35 lakh. Now, Smart Value Homes will oversee those projects. ''We have formed a separate subsidiary for low-cost and affordable residential projects considering the scope of such segments across the country,'' Banerjee said.