Tata Housing project receives bookings worth Rs 450 crore in a single day

The project, in Gurgaon, was over subscribed by 20 times

The new marketing initiative helped Tata Housing to garner bookings worth Rs 450 crore in a single day for its project - Getaway Capital in Gurgaon.

The project was also over-subscribed by 20 times.The company had introduced a strategy of selling its units through an IPO-styled concept by floating a range of basic sales price in the market from Rs 9000- Rs 11,000 per square feet.  

In a statement, the company said it had started accepting expression of interest (EoI), along with a booking amount of Rs 10 lakh, for the first phase consisting of 200 units, on 11th February and closed on 28th February. During this period, Gateway Capital was over-subscribed 20 times at the pre-launch stage, with an astonishing 2200 application forms.

The allotments will be made through a software generated, externally audited, random selection process, ensuring fair and transparent allotment process. Post the allotment process the customers will be given a choice to select an apartment of their preference, the company said.

Brotin Banerjee, managing director and CEO, Tata Housing, said, “This overwhelming response for Gateway Capital assures us that there is a demand for quality homes in the market, despite contradictory speculation. The sale, held via our innovative IPO-styled strategy witnessed interest from a wide base of customers from across India and abroad. A process of externally-audited and computerized random selection was implemented for the first time for a premium segment in the real estate category and we generated an order booking worth Rs 450 crore in a single day.”