Posts Tagged ‘Mumbai’

India’s really, really small apartments

By Philippe Gohier - Thursday, June 25, 2009 - 9 Comments

Tata is marketing goods aimed at the ‘bottom of the pyramid’

India’s really, really small apartmentsTata, the Indian conglomerate that launched the “world’s cheapest car,” announced last month that it plans to build 1,000 apartments in an industrial enclave outside Mumbai. And like the $2,500 Nano, the units in the Shubh Griha development will be sold at rock-bottom prices.

Real estate prices in Mumbai are among the steepest in the world—apartments in South Mumbai, for example, can fetch up to $1,200 a square foot. Tata’s apartments, by contrast, will go for between $10,000 and $16,000 apiece. The catch? They’ll be downright tiny. The smallest dwelling will come in at 228 sq. feet, with the largest topping out at 465 sq. feet. Along with the Nano car, they represent one of the most aggressive attempts by a major company to corner the market on goods aimed at what management guru C.K. Prahalad calls the “bottom of the pyramid”—that is, the world’s hundreds of millions of poor people.

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From Macleans

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