Tata Housing Gurgaon project gets bookings worth Rs 450 cr in 1 day

MUMBAI: Tata Housing, which adopted the initial public offering strategy to sell apartments, said it has received subscription worth Rs 450 crore in a single day for its newly launched project in Gurgaon.

The realty firm had introduced a strategy of selling its housing units through an IPO-styled concept by floating a range of basic sales price between Rs 9,000-11,000 per sq ft.

The project, 'Gateway Capital', was oversubscribed 20 times at the pre-launch stage and generated order bookings worth Rs 450 crore in a single day, Tata Housing said in a statement here.

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The project, 'Gateway Capital', was oversubscribed 20 times at the pre-launch stage and generated order bookings worth Rs 450 crore in a single day[/caption]

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"This overwhelming response for Gateway Capital assures us there is a demand for quality homes in the market, despite contradictory speculation.

"The sale, held through our innovative IPO-styled strategy, witnessed interest from a wide base of customers from across India and abroad," Tata Housing Managing Director and Chief Executive Brotin Banerjee said.

The company had started accepting Expressions of Interest (EoIs), along with a booking amount of Rs 10 lakh, for the first phase consisting of 200 units between February 11 and February 28. It had received 2,200 forms during the period.

Tata Housing further said to maintain transparency, the allotments will be made through a software generated, externally audited, random selection process. Post-allotment, customers will be given a choice to select an apartment of their preference.

Another Mumbai-based firm Lodha Developers had introduced a similar mechanism to sell its luxury residential project Blue Moon in central Mumbai, which saw more than 1,300 applications.

PTI