Tata Housing Development Company, a group concern of Tata Group which gave the world its cheapest car, Nano, plans to set up a subsidiary that will focus on providing affordable homes.
The arm, Smart Value Homes, will cater to houses in the Rs 5-lakh to Rs 35-lakh price range.
"There is a huge demand for value and affordable housing today and a need to cater to these segments independently. The new entity (Smart Value Homes) will focus on providing affordable and value-housing to consumers in the price range of Rs 5 lakh to Rs 35 lakh," Tata Housing Managing Director & CEO Brotin Banerjee told reporters here today.
Smart Value Homes has planned an investment of Rs 2,500 crore for this fiscal, he said.
Tata Housing has undertaken a new township project called 'Shubh Griha' at Vasind in Thane district spread across 52 acres, he said.
The project, located 1.5 km from the Vasind railway station and close to Shahapur and Kalyan-Bhiwandi junctions, would consist of 1 RK (362 sq ft) and 1 BHK (489 sq ft) apartments priced between Rs 5.79 lakh and Rs 7.82 lakh. It is likely to be completed in the next 18-24 months, he said.
In addition to this, Smart Value Homes plans to launch 6-7 more projects in the current financial year.
"We have already acquired 7-8-million sq ft of land through tie-ups. We target to acquire 15 million sq ft of land this fiscal," Banerjee said.
The new entity plans to develop more budget homes in Pune, Mumbai, Chennai, Bangalore and Ahmedabad.
"We want to develop value and affordable housing in various parts of the country, including metros, Tier I and II cities".
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