Tata Housing Development Co tie up with MMRDA for project

Tata Housing Development Company has tied up with Mumbai Metropolitan Region Development Authority to launch a rental housing project on a 25-acre land near Mumbai, between Thane and Bhiwandi, reports Kailash Babar from Mumbai.

Under the rental housing scheme, Tata Housing will get an FSI of four instead of the regular FSI of one. To provide low-cost housing in and around the city, the state government had launched the scheme over three years ago through MMRDA.

The Rs 2,000-crore project is expected to be ready in 3-4 years. Through this project, the state government agency is expected to get around 4,000 rental housing units of 160 sq ft each.

Tata Housing will have to reserve about 25% of the total area for rental housing and will use the rest of the area to build mid-income housing that it will sell at market rates. “We will be launching a large rental housing project near Mumbai before Diwali.

Most of the approvals are already in place,” said Brotin Banerjee, MD and CEO, Tata Housing Development Company.