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Tatas to build Nano houses | Having revolutionised the automobile segment by offering the world's cheapest car, Tata Group seems to be aiming at
revolutionizing the real estate sector by offering affordable Nano houses. The
company is offering three types of flats. A one-room flat with a small kitchen
in an area of 283 square feet, a one-room flat with a large kitchen in an area
of 360 square feet and a one-bed room flat with a hall and kitchen in an area
of 465 square feet. Tata Housing, a subsidiary of Tata Sons, has launched Nano-housing
project in Boisar in Maharashtra. Tata Housing, a subsidiary of Tata Sons, has
launched a low-cost housing project called the Shubh Griha (auspicious home),
joining a group of Indian developers who have moved to the affordable housing
segment, as demand dries up for more expensive homes. The first Shubh Griha Township
will be developed at Boisar of Maharashtra state. The company is investing a billion
rupees to develop a 1,200-unit township at Boisar, a town on the outskirts of
Mumbai. The project would be completed by 2011. Costs of these flats will vary
between 390,000 rupees to 670,000 rupees. Company's aim is to provide affordable
housing solutions to the common man. "There are 25 million house demand in India,
so based upon it we find out how the product can be developed. Since this is a
different product therefore you will have to consider the size, you will have
to optimise the space and there is something you will in real estate termed as
loading, you will have to minimise the loading. Taking all these three aspects
then finally comes the price point," said Rajiv, an engineer with Tata Housing.
"We are targeting a segment which is like rupees 150,000 to 200,000 income household,
so taking all these factors into consideration we come out with the product which
is called Nano housing," added Rajiv. The company has also tied up with state
run State Bank of India and Housing Development Finance Corporation Limited (HDFC)
to provide finance options to the potential buyers. |
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