MUMBAI (AFP) — India's Tata group plans to introduce cheap, low-cost housing for low-wage earners in Mumbai, where property prices are among the world's steepest.
The group, which last month unveiled the Nano, touted as the world's cheapest car, will start issuing applications this weekend to book houses that will be built in Boisar town, on the outskirt of India's financial hub.
The low-cost homes, part of the firm's project "Shubh Griha" (Blessed House), are priced between 390,000 to 670,000 rupees (7,900 to 13,500 dollars).
More than 1,200 houses will be provided in the first phase, the company said.
Successful applicants will be chosen through a lottery system handled by the State Bank of India and will be able to move into their new homes in about two years, Tata officials said.
"There is a large percentage of the migrant population -- low-income people living in rented or company-provided accommodation -- who stay away from their families to earn a living in big cities," said Brotin Banerjee, chief executive of Tata Housing Development.
"Our study shows that nearly 48 percent of the people in the lower segment are currently staying in rented accommodation," he told reporters late Wednesday.
Migrants from other states constitute more than 50 percent of Mumbai's population but house prices continue to be out of reach for most people.
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