Tata
Housing Ltd, which adopted the initial public offering (IPO) 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
real estate company 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 to Rs. 11,000 per square feet.
The
project, 'Gateway Capital', was oversubscribed 20 times at the pre-launch stage
& 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.
Mr.
Brotin Banerjee, Managing Director and Chief Executive, Tata Housing said. "The sale, held through our
innovative IPO styled strategy, witnessed interest from a wide base of
customers from across India & abroad"
The
firm had started accepting Expressions of Interest (EoI), along with a booking
amount of Rs. 10 lakh, for the first phase consisting of 200 units between
February 11 and February 28, 2013 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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