Tata withdraws its Vasind housing project
Real Estate

Tata withdraws its Vasind housing project

Tata Housing Company's Vasind project in Mumbai suburbs has been withdrawn citing its failure to obtain necessary environmental clearances from the government. Media reports say that the project, New Haven, was launched in 2010 and it has 300 registered customers who will now have to be compensated by the company. Now the company has stated that it will repay its customers' investments with a 12 per cent interest.

The project customers have been given two options. The first one is that they could transfer their investment to Tata’s Kalyan project or could seek their money back with interest. The customers have paid paid 18-19 per cent of the total cost the flat cost. The price of an apartment in the plot is about Rs Rs 35 lakh.

Tata Housing Company's Vasind project in Mumbai suburbs has been withdrawn citing its failure to obtain necessary environmental clearances from the government. Media reports say that the project, New Haven, was launched in 2010 and it has 300 registered customers who will now have to be compensated by the company. Now the company has stated that it will repay its customers' investments with a 12 per cent interest. The project customers have been given two options. The first one is that they could transfer their investment to Tata’s Kalyan project or could seek their money back with interest. The customers have paid paid 18-19 per cent of the total cost the flat cost. The price of an apartment in the plot is about Rs Rs 35 lakh.

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