Home builders who complain of competition from the low prices of foreclosed upon homes will loathe to learn about Tata, the newest entrant on the low-end of the home building market. The Independent reported that the Indian-based manufacturer of the world’s cheapest car, will bring a $720, flat-pack home to the market in the next six to eight months.
The home, dubbed the “Nano” house, can be built in a week, from a prefab kit with windows, doors and a roof. It features wall cladding and interiors made of coconut fiber or jute and has a life expectancy of 20 years. The models start at about 215 square feet.
Of course, the company is not planning on selling them to many city dwellers anytime soon. It hopes to attract private buyers with large plots of land as well as state governments in India that are seeking solutions for the country’s millions of homeless residents. And if the safety issues that plagued the commercial viability of the firm’s $2,500 car is any indication of things, foreclosed homes may remain the best buy on the market. [Independent]