Last month, Tata Housing launched 1,000 Nano homes – Shubh Griha in Boisar,
Mumbai. Within three weeks, over 15,000 forms were purchased by customers
through the Tata Housing offices across India as well as from 12 State Bank of
India branches across Mumbai and Micro Housing Finance Corporation. Encouraged
by the demand, the company increased the number of flats on offer from 1,000 to
1,300 units. According to the company, there will be no new bookings for the
additional units and the allotment of units will be announced by the end of
June 2009. The company also has plans of advancing its 15,000 Nano homes by two
years. “We would like to provide a house for each one of the customers
who have booked,” said Brotin Banerjee, managing director and chief executive
officer, Tata Housing.
Affordable housing is becoming a trend. Unitech, the country’s
second-largest property developer, has announced what it calls Uni Homes –
affordable apartments priced between
Rs10 lakh - Rs30 lakh in Chennai, Hyderabad, Bengaluru, Kolkata and Lucknow.
The company is planning to invest Rs1,700 crore this year to build these homes.
Meanwhile, banks have started reducing their home loan rates which will make
these flats a bit more affordable. Recently, ICICI Bank has reduced its
floating rate for home loans to 12.75% from 13.25%.
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