ibnlive » Business

May 06, 2009 at 11:56pm IST

After a small car, Tata offers a 'nano' home!

New Delhi: Mumbai, the city of opportunities, the maximum city may land you a dream job but getting an affordable home is next to impossible.

However, Ratan Tata wants to change that. After launching the world's cheapest car, he wants to give Mumbai cheaper homes. The Tata's are going to build a new townshop in the suburbs of Mumbai, which will have apartments priced between Rs 4 to 7 lakh.

MD and CEO Tata Housing, Brotin Banerjee says, "We are looking at various ways with which to keep the costs low and this has been under research for the last one year or more. A lot of consumer research is being done to make it efficient as well as provide as many amenities as possible to the consumer so he does not feel that we have compromised in any area. "

The cheapest apartment has an area of 283 square feet, which will be about the size of a small bus. The bigger homes will have a 465 square feet area. The only disadvantage for now seems to be the distance - its 105 kilometeres from South Mumbai.

But this is just the beginning of the dream home offer. The Tatas will offer this in other cities and towns soon.

Brotin Banerjee says, "We are looking at a few other metro cities in this financial year and we are in talks with many people. The idea is to connect with those people who share a mind set. It's not just profit driven, though profit making is of course involved, but the idea is to put forth a genuine product."

It's certainly a welcome project for the country which faces a shortage of over 24 million homes and 70 per cent of this shortfall is in the middle and low income groups. Given the rates the Tatas are offering, the response could be better than the one for Nano.