Puneet Dalmia invests Rs 50 cr in realty start-up

With this, Dalmia holds 74% in Prithu, which caters to the individual home segment

Dalmia Bharat Group's MD Puneet Dalmia has invested Rs 50 crore in a realty start-up, Prithu, in his individual capacity.

With this, Dalmia holds 74 per cent in Prithu, which caters to the individual home segment. The balance will be held by Prithu's MD Nitin Bansal.

"Puneet Dalmia, MD, Dalmia Bharat Group, has in his individual capacity made an initial investment of Rs 50 crore in Prithu, a start-up in the realty sector," Dalmia Bharat Group said in a statement.

Prithu, founded by a young team some of whom are IIM and IIT alumni, seeks to disrupt the fragmented contractor- driven individual home segment in Delhi, it added.

Over the next five years, Prithu is eyeing an annual turnover of over Rs 500 crore.

"Delhi's residential stand-alone real estate market is much like the rest of India where one-off homes built by small contractors are the preferred choice.

"Low degree of professionalism has led to a serious trust deficit in this sector, and home owners often have disappointing stories to narrate regarding on-time delivery and quality," Dalmia said.

Prithu-built homes would be GRIHA (Green Rating for Integrated Habitat Assessment) certified. The homes would include built-in safety and security features, and will cost between Rs 2,300 to Rs 6,000 per sq ft, covering all design, construction and approvals costs.

"We are looking to transform the small contractor- dominated individual or one-off home segment with a systematic and transparent approach, to ensure a superior and satisfying customer experience," Bansal said.