NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, May 7, 2009

Bangalore: Soon after Tata Motors Ltd launched the Nano, touted as the world’s cheapest car, another group company announced on Wednesday that it will build homes that cost between Rs3.9 lakh and Rs6.7 lakh.

Privately held Tata Housing Development Co. Ltd, a subsidiary of Tata Sons Ltd, has launched the first of these projects, branded Shubh Griha, in Boisar, a distant suburb in Mumbai, the company said.

The firm will invest up to Rs100 crore in a 1,200-unit township in the first phase at Boisar. It will hold a draw to allot flats and sell forms at Rs200 each. The flats will be delivered in about two years. Bookings begin on 11 May.