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TATA Group has sold around 3,500 application forms for its low-cost housing project Shubh Griha near Mumbai in the first two days of booking, three-and-a-half times the number of apartments the company is planning to build under the project, a company executive said.
The pricing of the project has taken many by surprise. It's 'Shubh Griha' website has received 15 lakh hits in four days since announcement of the project. This includes 6.7 lakh hits from the US and 3.3 lakh hits from India, as per the executive.
"The response only reflects the huge demand for housing in that segment," Tata Housing managing director Brotin Banerjee said, adding that the company had already sold off all printed forms in just two days. Ten branches of State Bank of India started selling forms across Mumbai on Monday.
The bank branches located in the western suburbs linked to Boisar have seen better sales of application forms, a senior marketing executive said, adding that the company was receiving enquiries from many other cities, including Delhi and Bangalore.
Being able to generate a good response for a housing project located quite away from the city limits is significant, given the current state of slowdown in the real estate sector. Most realty companies have seen their sales shrink dramatically in the past six months as economic slowdown and high cost of borrowing would be dissuaded home buyers. India's largest realty company DLF sold just 600 apartments in the Rs 30-50 lakh category during the January-March quarter.
Tata Housing, a subsidiary of Tata Sons, announced last Wednesday that it will build 1,000 apartments at Boisar, around 35 km from Virar and 100 km from southern end of Mumbai, under 'Shubh Griha' brand for a price tag of Rs 3.9 lakh to Rs 6.7 lakh. Tata is offering three types of houses: one room kitchen of 283 sqft and 360 sqft and one bed room, hall, kitchen of 465 sqft.
The forms can be purchased and bookings made till May 25 after which the company will take a month to scrutinise forms and come out with the list of allotees through a draw. The application form comes for Rs 200 with Rs 10,000 being the booking amount. "The Shubh Griha project has enhanced the group's brand equity. Our projects in other cities, too, will get a favourable response from home buyers and investors," another senior marketing executive briefed on the matter at Tata Housing said.
Tata Housing is not as established a builder as DLF, Unitech or Hiranandani, in residential segment. The company has done limited number of housing projects so far, mostly in joint venture with local developers.
BUILDING BLOCKS
The pricing of the project has taken many by surprise. Enquiries are also pouring in from Bangalore & Delhi
Given the current state of the realty sector, good response for a project located away from the city is significant
India's largest realty company DLF sold just 600 apartments in the Rs 30-50 lakh category during the January-March quarter
The pricing of the project has taken many by surprise. It's 'Shubh Griha' website has received 15 lakh hits in four days since announcement of the project. This includes 6.7 lakh hits from the US and 3.3 lakh hits from India, as per the executive.
"The response only reflects the huge demand for housing in that segment," Tata Housing managing director Brotin Banerjee said, adding that the company had already sold off all printed forms in just two days. Ten branches of State Bank of India started selling forms across Mumbai on Monday.
The bank branches located in the western suburbs linked to Boisar have seen better sales of application forms, a senior marketing executive said, adding that the company was receiving enquiries from many other cities, including Delhi and Bangalore.
Being able to generate a good response for a housing project located quite away from the city limits is significant, given the current state of slowdown in the real estate sector. Most realty companies have seen their sales shrink dramatically in the past six months as economic slowdown and high cost of borrowing would be dissuaded home buyers. India's largest realty company DLF sold just 600 apartments in the Rs 30-50 lakh category during the January-March quarter.
Tata Housing, a subsidiary of Tata Sons, announced last Wednesday that it will build 1,000 apartments at Boisar, around 35 km from Virar and 100 km from southern end of Mumbai, under 'Shubh Griha' brand for a price tag of Rs 3.9 lakh to Rs 6.7 lakh. Tata is offering three types of houses: one room kitchen of 283 sqft and 360 sqft and one bed room, hall, kitchen of 465 sqft.
The forms can be purchased and bookings made till May 25 after which the company will take a month to scrutinise forms and come out with the list of allotees through a draw. The application form comes for Rs 200 with Rs 10,000 being the booking amount. "The Shubh Griha project has enhanced the group's brand equity. Our projects in other cities, too, will get a favourable response from home buyers and investors," another senior marketing executive briefed on the matter at Tata Housing said.
Tata Housing is not as established a builder as DLF, Unitech or Hiranandani, in residential segment. The company has done limited number of housing projects so far, mostly in joint venture with local developers.
BUILDING BLOCKS
The pricing of the project has taken many by surprise. Enquiries are also pouring in from Bangalore & Delhi
Given the current state of the realty sector, good response for a project located away from the city is significant
India's largest realty company DLF sold just 600 apartments in the Rs 30-50 lakh category during the January-March quarter
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