Tata Housing to invest Rs 1,500 cr to develop Mumbai, Kolkata projects

New Delhi: Tata Housing will invest about Rs 1,500 crore to develop two new residential projects in Mumbai and Kolkata and has started selling apartments from today through its online 'National Home Buying Week'.[caption id="attachment_1976515" align="alignleft" width="380"] Representational Image[/caption]Tata Group's realty firm is offering 2,000 units in 25 projects, including these two new ones, across 9 cities during the second edition of National Home Buying Week that started today and would close on 18 February.According to sources, the company will develop about 700 units in a luxury housing project at Mumbai at an investment of about Rs 600 crore.In Kolkata, the company would construct about 2,500 units in various phases at a project cost of Rs 800-900 crore. Tata Housing is offering 200 units each in these two new projects at Mumbai and Kolkata. The remaining 1,600 units would be in other 23 housing projects.During the week, customers can buy their home by paying a booking amount of Rs 30,000. They would also be offered a special interest rate of 7.99 percent fixed for 5 years, Tata Housing said in a statement.During 2014, the company sold 250 housing units in the first edition of the National Home Buying Week."Till date, the company has sold over 1,000 apartments online, translating to over a million sq ft," Tata Housing said, adding that online sales helped the company generate revenues worth over Rs 400 crore.Earlier, the company had partnered Snapdeal and Housing.com for sale of its flats online.Tata Housing MD and CEO Brotin Banerjee said: "The decision of buying a home was seen to be an iterative process involving a lot of time and travel."We saw a tremendous opportunity in the online space for creating a home buying experience that is exciting, convenient, transparent and above all safe". PTI