Mega housing plans on track form TATA and DLF

Full stop to Nano. Question mark over Telcon. But no such flutters for Eden Court or New Town
Heights.

Brand Tata and Brand DLF are shifting gears over their mega housing projects at Rajarhat despite the political upheaval looming over Brand Bengal. It's clear that chief minister Buddhadeb Bhattacharjee's most valued brands have left Singur and Dankuni well behind them and are ready to begin all over again. Both are currently working overtime on their condominiums at New Town.

Eden Court is Tata Housing's major endeavour into the eastern market and New Town Heights is DLF's prized project also at Rajarhat. Both projects had come under a cloud after the Nano debacle last October and DLF's subsequent decision to pull out of the 4,840-acre Dankuni township project.

"Ratan Tata has kept his word. He had promised that none of his other projects in West Bengal would face the consequences of the Nano pullout. And now, the much-awaited Eden Court is ready to take off," said an official of Hidco, the keepers of the Rajarhat township. Ditto for DLF, which opted out of the Rs 40,000-crore Dankuni project over land issues. Downturn was the other big reason. Not for New Town Heights, though. Thankfully, even Tata Housing (a Tata group firm in which Tata Sons holds 97.5 %) hasn't allowed itself to be bogged down by downturn blues.

While DLF is steadily progressing towards erecting its nine towers, Tatas are about to start their construction. In fact, their site at Action Area II has been out of bounds to the media, fearing political unrest. "The local Trinamool Congress has been creating problems for some projects in and around Rajarhat. Post Singur, the Tatas have been weary of any untoward publicity," said Vinod Dan, a local developer.

But quietly and steadily, over the last month, the 200-odd flats of Tower I have been a complete sell-out. "We couldn't be happier with the way things have turned out for our Rajarhat project," said Brotin Banerjee, managing director, Tata Housing, which has been most successful in its Shubh Griha project launched in Mumbai.

Having sold all 1,500 apartments, the low-cost project like Shubh Griha, widely applauded as a "Nano" in the housing sector had offered 283 sq ft for Rs 3.9 lakh.

But Tata's footprint in West Bengal's realty market is essentially premium and a 1,000-square feet flat at Eden Court would cost about Rs 30 lakh. The bigger spaces could scale to Rs 65 lakh.

Despite the downturn, Tata Housing, already flooded with applications (precisely, 67 per flat) has decided to draw a lottery to choose its clients for Tower II apartments beginning next week.

Buyers, 15 % of whom comprise NRIs, are extremely keen about the Tata brand because the towers have a strong green accent about them. Said Banerjee: "All the flats are sustainable green buildings certified by the Indian Green Buildings Council (IGBC). The complex will have swimming pools, playgrounds and everything that comes with a modern set-up. But the unique aspect will be the huge, huge green space enveloping the concrete structures."

The craze for the brand showed when despite the economic slump Eden Court increased prices of its residential units to Rs 2,900 per square feet from the staring price of Rs 2,750 a square feet. Spread over 50 acres, Eden Court is a combination of residential and retail. The first phase, though, comprises the residential project and will be complete three years from now.

DLF, on the other hand, will be ready to hand over its flats by 2010. Said Vikas Kumar, assistant manager for the New Town Heights project: "We have sold out most of the 800-odd flats."

The condominium offers nine impressive towers offering two, three and four bedroom apartments spread over 15 acres in various configurations. Designed by Hafeez Contractor, New Town Heights boasts of badminton, squash and tennis courts and a host of other amenities like retail, multi-facility club and a primary healthcare and diagnostic centre.

Trinamool leaders have decided to desist from "untoward" movements. Arabul Islam, party leader from Rajarhat, vouches for that: "We shall go by Mamata Banerjee's instructions at every step."

source: timesofindia.indiatimes.com