Tata Housing Launches Low-Cost Housing in Ahmedabad
By PTI | Thursday, March 1, 2012
Ahmedabad: Tata Housing Development Company announced tie-up with Arvind group to develop 1,600 crore integrated township and launched 8-12 lakh low-cost housing in the state capital. "We have partnered with Arvind Real Estate(an Arvind textile group company) to develop 135-acre integrated township in Ahmedabad," Tata Housing MD and Chief Executive Officer Brotin Banerjee said. The township would be developed by a special purpose vehicle (SPV) Arvind and Smart Value Homes. In the first phase, it would launch 1,091 flats under the Tatas' low-cost housing brand, 'Shubh Griha'. "This is our first real estate project in Gujarat. The Shubh Griha scheme has been launched here following its success at Boisar and Vashind in Maharashtra (outskirts of Mumbai)," Banerjee told reporters. At present, Tata Housing has 46 million sq ft under various stages of planning and execution and an additional 19 million sq ft in the pipeline. It is offering dwelling units in a price range of 5 lakh to 14 crore. Banerjee said that since the target for Shubh Griha project was middle and lower income groups, the company has tied up with micro-finance organizations which could provide loans to people working in unorganized sectors. "The booking of the houses begins and in the next 24-30 months the buyer would get the possession of the apartment," he added.
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