Housing News

There's a Cheap Apartment For Sale but Not in the US

Find out how much it costs and where to find it.

Remember the Nano car developed by Indian giant Tata Group? Well they have an apartment version of the tiny and cheap Rs 1-lakh automobile. Its residential arm, Tata Housing Development Company, will launch the project in Boisar, Mumbai. According to The Indian Express, “The Boisar apartments are priced at around Rs 1,400 per sq ft and will come in three unit options of one small room plus kitchen, one large room plus kitchen and one bedroom-hall plus kitchen in configurations of 283 sq ft, 360 sq ft and 465 sq ft respectively. The company promises to offer them in a price range of Rs 3.9 lakh to Rs 6.7 lakh.”

Now that price would be equivalent to about $7,800 to $13,400 in the US. It’s considerably cheap but it has been clarified that the company is targeting those slightly above the middle class – a big disappointment for those still living in the slums. But there’s a lesson that can be learned by the U.S. in Tata’s housing development strategy. A lot of condominiums and apartments are now standing idly after the housing bust forced investors to pull out their money. Developers have also lost millions of dollars from uninhabited units. Instead of targeting handsome profits from high-end projects, why not invest in middle- or low-class housing and still guarantee profits? Besides, when finances are limited, living in a shoebox won’t matter much to the one in need as long as the price reflects the product well.

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