Ahmedabad: Tata Housing in collaboration with city-based Arvind Real Estate on Wednesday announced the first phase of the low-cost integrated township scheme-'Shub Griha'.
A special purpose vehicle (SPV), Arvind and Smart Value Homes LLP, has been created for the project which is aimed at providing budget houses to low and middle-income groups. It will develop a township which will be spread across 135 acres at Vadsar-Kalol Road, about 20 kms from here.
Under the 'Shub Griha' scheme, 1091 low-rise apartments having carpet area from 293 sq ft to 457 sq ft will be built with a price tag between Rs 7.92 lakh and Rs 12.33 lakh. The project will cover 18 acres of the township land.
"This is our first real estate project in Gujarat. The Shubh Griha scheme has been launched here following its success at Boisar and Vashind in Maharashtra (outskirts of Mumbai)," MD & CEO of Tata Housing, Brotin Banerjee, told mediapersons during the launch of the integrated township.
He said that since the target for Shubh Griha project was middle and lower income groups, the company has tied up with micro-finance organisations who could provide loans to people working in unorganised sectors.
"The booking of the houses begins tomorrow and in the next 24-30 months the buyer would get the possession of the apartment," Banerjee said.
When asked if there would be more schemes on line with Shubh Gruh in this township, Banerjee said, "there would not be another phase of Shubh Gruh in this township, but there could be similar projects in other parts of Gujarat."