Ramesh Ramanathan, who runs the non-profit organisation Janaagraha, on Thursday launched his maiden low-cost housing venture in the industrial town of Attibele, about 35km from Bangalore.
His firm Janaadhar Constructions Pvt. Ltd will build more than 500 homes priced at less than Rs5 lakh in the first phase, targeting buyers with a monthly household income of Rs15,000.
Janaadhar is promoted by Ramanathan’s Janalakshmi Financial Services, the majority stakeholder and a microfinance institution for the urban poor, Bangalore-based Sterling Developers Pvt. Ltd and architect V. Naresh Narasimhan.
State governments have drawn up several schemes for low-income housing, but private initiatives have been limited.
In 2008-2009, as developers started focusing on so-called affordable homes as demand slowed during the downturn, Tata Housing Development Co. Ltd was one of the first to launch more than 1,000 low-cost homes near Mumbai, selling them all in a few months.
“It took us almost three years to get clear land and approvals in place before we launched the project,” said Ramanathan, also a Mint columnist......................Click for more
Source Web Page: Livemint.com