Tata Housing Development Co on Wednesday launched a low cost housing project under the banner 'Shubh Griha', offering property in the price band of Rs 3.9 lakh to Rs 6.7 lakh per unit across the country.
The company will launch its first project in Mumbai suburb Boisar in Thane district and later expand to tier-I and tier-II cities, the company said.
Tata Housing managing director and chief executive Brotin Banerjee said the initiative was launched as a large percentage of migrant population lived either in rented or company provided accommodation.
"Our study has shown that around 48 per cent of the people in the lower (income) segment are currently staying in rented accommodation. As a real estate company, we are sensitive to the need of providing this segment," Banerjee said while announcing the launch of the project.
Research data released by the company showed India faced a shortage of 24.7 million dwelling units, with over 70 per cent of this shortage being in the middle and low income segments.
"We believe in empowering them (middle and low income groups) and giving them the pride of owning a house in a city like Mumbai," Banerjee added.