MUMBAI: In a major boost for mass housing, Tata Housing on Monday announced the launch of its new residential project, comprising 4,000 apartments, about 1.5 km from Vasind railway station on the 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 Rs 5.79 lakh to Rs 7.82 lakh. These flat will have a saleable area of 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 will be on offer flats will be under the affordable category and will also include row houses.
"It will be an integrated green township spread over 52 acres with a clear land title,'' said Tata Housing MD and CEO Brotin Banerjee, who also announced the formation of a new company, Smart Value Homes, a subsidiary of Tata Housing. It will set up affordable houses in the Rs 5-lakh to Rs 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.
The 1,250 low-cost houses in Vasind, 27 km from Kalyan, will be mainly for people from the informal sector who find it difficult to get a home loan. "We have tied up with a micro finance company that will offer loans to people those in the informal sector,'' he said. Shubh Griha at Vasind will offer facilities such as elevators, gyms, community centres, school, health care centre and retail space.
Applicants can buy forms from 18 IDBI branches in Mumbai and Thane. The allotments will be done through lottery and possession will be given within 24 months.
Last year, Tata Housing launched Shubh Griha with a project in Boisar near Dahanu. It comprised about 3,600 flats of which 1,500 were in the low cost category costing between Rs 4 lakh and Rs 7 lakh. Possession will be given in November.