Tata, the Indian company that made worldwide headlines with its $2,000 Nano car, now plans to build 1,000 tiny apartments outside Mumbai that will sell for $7,800 to $13,400 each. The company plans to roll out low-cost projects outside other major cities.
Buyers are already flocking to the Tata construction site at Bhoisar. Overwhelmed by the response, the company is beefing up security to handle the rush. Customers can book flats by paying an initial installment of $200; successful applicants will be chosen by lottery. The Bhoisar township, the first phase of which will have 1,244 apartments, is expected to open for occupancy in two years.