Tata to offer low-cost flats

Weeks after coming out with the world's cheapest car Nano, the Tata Group has announced it would offer houses at affordable prices ranging from Rs 3.9 lakh to Rs 6.7 lakh at a place 100 kilometres from India's financial capital Mumbai.
The first township comprising one bedroom-kitchen apartments to be constructed by Tata Housing Development Company, a subsidiary of the Tata Group, will come up at Boisar, a suburb of Mumbai, Chief Executive Officer of Tata Housing Brotin Banerjee said on Wednesday.
This model will be replicated in other cities of India, including Kolkata, Bangalore, Gurgaon and Pune, Banerjee added.
A person can book a flat by paying Rs 10,000 ($202.95) and the list of winners would be decided through a draw, he said, adding that the apartments would be delivered in around two years.
The apartment size would be between 283 square feet and 465 sq feet each and the company is expecting a turnover of Rs 100 crore from the project.
The Tata Housing has tied up with State Bank of India, the country's largest commercial bank in the public sector, and privately-owned Housing Development Finance Corporation (HDFC) to help potential buyers with finance options.