Tata Housing is set to develop ‘cheap homes’ starting from $7800 in attempts to compete with India’s raising cost of living.
Tata group known for creating the world’s cheapest car Nano falling just under $2000, is soon to introduce ultra cheap apartments to accommodate the rapidly growing middle class sector.
The modest homes are small and very basic, but are located within a community which will feature a landscaped garden, hospital, schools, post office, community hall, a hawker zone and market place. A spokesperson for the Tata housing development said that “the project was a way to create a sense of neighborhood and community.”
The apartments, as mentioned on their website range from 283 to 465 sq. ft. come with modern electrical fittings, porcelain floorings and concealed plumbing.
The modest homes are targeted at giving middle class families a stable living in a country where only the wealthy are pampered with expensive high-rises and posh mansions.
Business consultants like C.K. Prahalad suggest that builders should target the “bottom of the pyramid” which makes up for the majority of the population. Doing this would not only increase profits by ten-folds but also eliminate the unorganized ‘ghettos’ that blemish the skyline of metropolitan cities.
Critics are questioning the quality of materials used for such a project and also whether it will gain any adherents.