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. "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.
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