New Delhi, Aug. 31: Tata Value Homes Ltd — the affordable housing arm of global conglomerate Tata Sons — plans to construct 10,000 apartments in the next three years.
According to senior officials at Tata Value Homes, the company plans to come up with a mix of properties in smaller towns and cities as it believes that the demand for affordable housing is at an all-time high.
Tata Value Homes is a 100 per cent subsidiary of Tata Housing Development Company Ltd, which straddles value to premium housing segments by offering products ranging from Rs 5 lakh to Rs 14 crore.
“There is a lot of traction coming from tier-II cities. We have a large chunk of migrant population, which floats between tier-I and tier-II cities and vice-versa, and needs affordable housing and we plan to cater to that segment,” said Pawan Sarda, head (marketing and product development) of Tata Value Homes.
The company also believes that Tata Housing will be able to make the process of buying properties streamlined and transparent. “We will bring in a level of unparalleled transparency in the sector. At present, buying a property can be quite a cumbersome process, we plan to change all that across all our segments,” Sarda said.
The company has presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad Goa, Gurgaon, Chandigarh, Bangalore, Chennai, Calcutta and Bhubaneswar.
The company has also ventured into foreign countries such as Maldives and is exploring other markets, including Sri Lanka and other South Asian countries. It is developing large townships and theme-based projects in major and small metros.
Recently, Tata Housing Development Company increased its land bank of premium locations through a joint venture with the Keventer group for a three acre parcel at New Alipore in Calcutta.
“We believe this is the right time to increase our footprint of quality land parcels in city centers of major metros as the demand will start picking up with an improvement in the economy by the end of this year. This JV is in line with Tata Housing’s vision to expand their presence in the fast growing segment,” managing director and CEO Brotin Banerjee had said,
Tata Housing Development has recently started selling houses on online marketplace Snapdeal.com, in which Tata Sons chairman emeritus Ratan Tata has made a personal investment.
According to senior vice-president (marketing and sales) A. Harikesh, the idea behind tying up with the website came from the fact that more than 70 per cent of the initial property search happen online.
He said the company had sold around 600 properties online through the Tata website itself.