'After Tata, Mukesh Ambani eyes low-cost housing'

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Mukesh Ambani eyeing low-cost housing?
New Delhi, Nov 19: After the low-cost housing initiated by the Tata Group in Mumbai was well-received by the market, Mukesh Ambani-led Reliance Industries Ltd is reportedly considering entering into the field.

According to a Business Standard report published on Thursday, Nov 18 Mukesh Ambani has set his eyes on low-cost housing and the project could be kicked off by 2010. However, the initiative is still on the drawing board, the report said.

“RIL has deep pockets and excellent execution skills. It has executed two large projects like the Jamnagar refinery and the KG-D6 basin in a record time. Another such large project is only obvious for the company to get into," a source was quoted as saying.

Reliance Venures, a subsidiary of RIL holds as much as 5,000 hectares in Haryana in Haryana and over 4,840 hectares through the Navi Mumbai SEZ in association with Cidco (the Maharashtra government"s industrial and township development arm), the report noted, adding that these land banks could be used in the housing project.

Earlier in 2009, Tata Housing Development Company announced its plans of investing up to Rs 100 crore in a 1,200-unit township in the outskirts of Mumbai. These apartments which would include 2BHK and 3BHK would be priced in the range of Rs 3.9 lakh and Rs 6.7 lakh.

Recently Ratan Tata also revealed that the company was planning on expanding the affordable housing projects to other cities including Bangalore and Kolkata.

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