Tata Building $7,800 Apartments in Mumbai

theodp writes “What do you do for an encore after you’ve shown the world it’s possible to build a ,000 car? Ratan Tata, head of India’s giant Tata conglomerate, now plans to build, 30 miles outside of Mumbai, 1,200 tiny apartments that will sell for ,800 to ,400 each. Sure, they’re small (floor plans), but keep in mind that you can pay a quarter of a million bucks for a 250-sq.-ft. studio in the East Village. Time reports that Tata has had to beef up security to handle the rush of buyers who want to plunk down their 0 deposits (yes, that’s two hundred dollars!). Who would’ve thought you could make IKEA homes look pricey?” The Businessweek.com article says that the apartments are aimed at someone making ,000 to ,000 per year (Time says ,000). In Mumbai, a call center operator with 10 to 20 years of experience barely qualifies at ,400 annually. 70% of the country’s 1.2 billion people live on 1/20 as much.

Read more of this story at Slashdot.


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