Tata is all set to try its hand in constructing the world’s cheapest house worth 500 Euros, named as ‘Euro 500 Home’. After launching the world’s cheapest car Nano, the company is looking forward to build a house in 20 square meters which will cost only 32,000 rupees.

The project being examined in West Bengal, is an idea pioneered by a group of 15 people from Tata Steel's Indian and European units. The project is claimed to be less expensive than Tata’s own project of ‘Nano Homes’, worth $7800, was specially being designed to provide shelter to the people who had shifted to the urban areas leaving behind their rural areas.

As per Sumitesh Das, Head of Tata Steel's Global Research Programme, "We have already prepared 2-3 different designs based on discussions with users and are gathering more feedback. Hopefully, in the next 6-8 months we should be able to roll it out in the market nationally”.

The company aimed to produce a plan of house which amounted less than 40,000 rupees per house, so that people from rural areas were capable to pay out the cost of the house. Along with the 20 square meter house, the company was also designing another 30 square meter housings, which will cost up to 700 Euros.