Tata Housing unveils low-cost housing project

Tata Housing Development Company unveiled its 'Shubh Griha' project on Wednesday, a first of its kind pan-Indian brand to offer low-cost residential properties. Under the project, Tata would be launching its first property in the suburb of Boisar in Mumbai, followed by a pan-Indian presence across tier I and tier II cities. Moreover, the value homes will be priced between Rs 3.9 lakh and Rs 6.7 lakh.

The project will include properties in sizes like small one room kitchen, large one room kitchen and 1BHK. With a balanced mix of buildings and open spaces, these projects will be constructed under the guidance of Indian Green Building Council (IGBC).

The first township of this nationwide project will be developed in Boisar, with plans to expand into other Tier I and II markets in the country. With a Balanced mix of buildings and open spaces, these projects will be constructed under the guidance of Indian Green Building Council (IGBC).

Talking about the launch of 'Shubh Griha', Brotin Banerjee, managing director and CEO of Tata Housing said: "We observed that since most of the people in the low income bracket live away from their families to earn a livelihood in the big cities, there is a large percentage of migrant population with people living in either rented or company provided accommodation. Our study shows that around 48 per cent of the people in the lower segment are currently staying in rented accommodation. As a real estate company, we are sensitive to the need of providing this segment with their own home along with a community life, we believe in empowering them and giving them the pride of owing a house in a city like Mumbai. 'Shubh Griha' is in line with the group’s philosophy of contributing and having a positive involvement with the society at large."

According to a research, the company has revealed that India today faces a total shortage of 24.7 million dwelling units, with more than 70 per cent of this shortage in the middle and low income groups.