Janaadhar Constructions Pvt Ltd., which has Janalakshmi Social Services as a majority promoter, handed over the keys to home buyers of Janaadhar Shubha, its first affordable housing project targeted at the aspiring first-time home owner among the urban low income group. Other promoters in Janaadhar Constructions Pvt Ltd are Sterling Developers Pvt Ltd, a real estate developer, and V ‘Naresh’ Narasimhan, architect-principal, Venkataramanan Associates, an architecture firm.
Janaadhar had received funding support from the Michael and Susan Dell Foundation to address the affordable housing challenge in urban India through the “social business” model. Janaadhar is also supported by the Central Bank of India in the form of project finance for construction.
It may be a small effort at providing housing to the 400,000-odd people living in the 557 slums in Bangalore. The first phase of the project involves 480 flats (1BHK) of 400 sq ft each, priced below Rs 5 lakh (excluding property registration and other government charges). Janaadhar Shubha is intended for urban dwellers who have so far been priced out of Bangalore’s real estate market. Customers of Janaadhar are families with monthly household incomes of around Rs 15,000; the general types of occupations would be shop floor workers in factories, families with single or dual incomes from semi-formal and informal economies like security guards, household help, autorickshaw drivers, hospital nurses, petty shop owners and so on.
One of the challenges for first-time home owners among the urban low-income group is the lack of access to mortgage financing.
Keeping this in mind, Janalakshmi Financial Services Pvt. Ltd, (also a social business venture promoted by Janalakshmi Social Services, focused on financial inclusion for the urban poor) provides housing loans for customers looking to buy the 1BHK flats in the Janaadhar Shubha project.
Janaadhar Shubha comprises of 1,128 flats with a saleable area of 7 lakh sq ft. Located on the Attibele - Anekal road, just 30 kilometres from the heart of the city and close to bustling industrial and IT economic hubs, the apartments are a testament to design efficiency and superior planning.
With maximum effective usage of space, Janaadhar provides home-owners with a range of essential amenities, all at a very attractive price.
While Janaadhar Shubha is the first project of Janaadhar Constructions Pvt Ltd, the company intends to build on this and be a significant player in the emerging affordable housing space. The Company believes that design, planning and construction efficiency will be the core competencies to deliver value to customers in the affordable housing market.
Speaking on the occasion, Ramesh Ramanathan, Chairman & Director, Janaadhar Constructions Pvt Ltd, said, “We have many more miles to go, and will need to stay focused and disciplined to make a difference. But at a larger level, there are many issues that our policy makers need to take into account, to address the enormous affordable housing problem in our cities.”
Addressing the gathering, Union Minister for Housing and Urban poverty alleviation Kumari Selja, said, “We have tried to involve the private sector in the housing initiatives from the past few years. The government and the private sector can together contribute to improve housing conditions for the lesser privileged.“