After taking the automotive industry by storm with the launch of its small car Nano, Tata has set its eye on low-cost housing. Hours ago, Tata’s housing division has announced a low cost housing project in Boisar, a suburb in Mumbai, that is aimed at allowing people in the lower income segment own a decent home for about Rs 3.9 lakh and Rs 6.7 lakh.
A snippet from Business Standard
Talking about the launch of ‘Shubh Griha’, Brotin Banerjee, managing director and CEO of Tata Housing said: “……Our study shows that around 48 per cent of the people in the lower segment are currently staying in rented accommodation. As a real estate company, we are sensitive to the need of providing this segment with their own home along with a community life, we believe in empowering them and giving them the pride of owing a house in a city like Mumbai.”
No doubt this project is as ambitious as that of Nano. But after all the fanfare during its launch, the lower and lower-middle economic sections of India is still waiting to know Nano can actually deliver on its promise. That being the case, it would be too early to speculate on the success of ‘Shubh Griha’ project. So, for now, in spite of having initiated a series of highly successful social initiatives, and in spite of proven success in business, Tata’s capability to combine both to improve the quality of life of the lower economic sections is yet to be established.