Shubh Griha Ahmedabad project oversubscribed
Shubh Griha, the value housing brand of Tata Housing, launched in Ahmedabad on February 29, 2012 in partnership with Arvind Real Estate received an overwhelming response within days of launch being oversubscribed by more thaneight times. Long queues of Ahmedabad residents were seen outside IDBI Bank branches, where application forms were sold. Over 8500 forms were sold and the rush was increasing to secure the forms in the last few days.
Brotin Banerjee, MD & CEO, Tata Housing Development Company Limited, said, “We are very encouraged with the overwhelming response we have received for ‘Shubh Griha’. The response has been very good specifically from the outskirts of Ahmedabad, which means more end users working in the industrial belt will benefit from the project. With the philosophy of contributing and having a positive involvement with the society at large, we have also partnered with Micro Housing Finance Corporation (MHFC) and Muthooth Finance to provide easy housing finance to the lower income group. Since the target segment for such a housing format usually does not have his own contribution amount, our tie-up with MHFC for providing home finance is a great advantage. It is flexible in documentation requirements and has also made its interest rates affordable. They have been lending 50% to 70% of the total documented costs of the homes, which helps in reducing the customer’s burden to a great extent,” he added.
The final list of allotments will be declared within 45 days of the last date of booking, after a through scrutiny of the submitted application forms. Tata Housing will issue allotment letters along with details of the payment schedule. The list of detailed requirements has been provided in the application form booklet. The selection of applicants will be furnished through a computerized lottery process and specially developed software for generating random names. Review of the controls for selection of applicants to whom flats are to be allotted along with selection and allocation of the flat numbers will be carried out by KPMG. The winners list would be displayed on the Shubh Griha website, the TATA Housing corporate website and also at the 12 branches of IDBI Bank in Ahmedabad.
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