Considering the demand, the Tata Housing Development Company is planning to add another 300 dwelling units in its 'Shubh Griha' project. The company is also advancing the plans for another 15,000 low-cost homes in next two years.
Brotin Banerjee, MD and CEO, Tata Housing Development Company, said, "We got a good response for our project in Bhoisar. We need to capture the first-mover advantage in the cities where we are planning to launch these projects lest there should be overcrowding, as many other developers are also planning to enter this segment."
"We will talk to governments and land-owners for early possession of the land and complete the projects quickly," he added.
On 6 May 09, Tata Housing launched 'Shubh Griha' project in Bhoisar, a distant suburb of Mumbai, with an initial plan to develop 1,000 houses. The houses would be constructed under the guidance of Indian Green Building Council (IGBC) and are priced in range of Rs. 3.9-6.7 lacs. The project received an overwhelming response, based on which the company is planning to add another 300 houses in the project. It is also planning to launch similar low-cost projects in other the suburbs areas of Mumbai.
Its peer, Tata Capital Housing Finance Ltd. has been planning to disburse housing loans worth Rs 200-400 crore in the current financial year (2009-10) with focus on tier-II and tier-III cities.
Commenting on the revenue share from the different segments, Banerjee said, "Going forward, 50 per cent of our revenues in the housing segment will come from premium housing, 20 per cent from low-cost housing and the rest from affordable (mid-income projects)."
The company is also eyeing for the development of another 15,000 low-cost homes for low and medium income (LMI) groups in the national capital region (NCR), Bangalore and other major cities in the coming four years. The company expects revenue of Rs 700 crore from these projects.