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Tata Housing in India, targets to sell 13,000 homes this fiscal
30 November 2010
The Economic Times

NEW DELHI: Tata Housing Development Company Ltd today said it plans to sell about 13,000 housing units, mostly in the affordable segment, this fiscal for an estimated realisation value of over Rs 2,000 crore.

'We are currently developing about 20 projects across the country. In this fiscal, we are targeting to sell 12,000 units in the affordable segment and about 1,000 flats in the premium segment,' company's Managing Director and CEO Brotin Banerjee said on the sidelines of a realty conference organised by Royal Institution of Chartered Surveyors (RICS).

Banerjee said affordable housing is being developed by its subsidiary Smart Value Homes under two brands -- Subha Griha (sub Rs 10 lakh) and New Heaven (Rs 12-30 lakh) -- in cities like Bangalore, Pune, Chennai and Mumbai.

The company would invest about Rs 1,000 crore this fiscal on development of these projects, he added.

Asked about the impact of housing finance scam on realty sector, he said the banks would tighten the lending process to developers and might not restructure their outstanding debt.

'There is a huge loan overdue to banks from real estate industry. If banks do not reset these loans, then developers might cut prices to sell their housing stocks and meet their repayment obligation,' Banerjee opined.

However, Kumar Gera, Chairman of apex realty body CREDAI, said there would be no negative impact on housing prices even as he feels banks would be cautious in lending for sometime.

Raheja Developers Chairman Naveen Raheja said the issue has been blown out of proportion and there would be no impact on demand and prices.

In a report on affordable housing, RICS has suggested that states should formulate housing policies on the lines of National Housing Policy.

Pointing out that there is huge shortage of 25 million dwelling units, it said that private sector should be roped in to develop affordable houses by providing an enabling environment and the right kind of incentives.

The Economic Times
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Levvel were chosen as International Knowledge Partner by the RICS India. Stuart Woodward, Managing Director of Levvel attended the conference titled 'Practical Solutions for Delivery of Affordable Housing' which took place in New Delhi.

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