The company will come up with 500 flats, including studio apartments, one, two and three BHK flats in the next 24 months targeting first time buyers. These 300-780 square feet houses are priced at Rs 900,000, Rs 1.5 million and Rs 2.1 million, respectively.
These Positive Homes projects are coming up at Whitefield and Attibele in the vicinity of Electronic City in Bengaluru. The company is looking to break the record of Kerala here, where it sold 150 affordable houses within 24 hours of launching the project.
Instead of compromising on the quality of fittings to cut costs, the company has been utilising an in-house model to reduce expenses.
"Almost 90 per cent of realty developers source construction work. All our work, ranging from designing, electrification, plumbing, cash management is done by our employees leading to cost-cutting and developing properties at an enviable price point,” said Ramji Subramaniam, managing director, Sowparnika Projects & Infrastructure. , adding this 360 degree construction helps in cutting overheads.
Even in-house plumbing helps us save 2-3 per cent on the overall project cost, he explained.
Currently present in Kerala, Karnataka and Tamil Nadu, the company is looking to expand to Maharashtra.
While the real estate sector continues to struggle to find a footing even one and a half years after demonetisation, Sowparnika claims of a 20 per cent rise in sales in the past one year in the affordable housing segment. The company is looking at a turnover of Rs 350 crore by the end of FY19.
It also has plans to come up with Positive Homes premium and luxury series, which will have amenities such as clubhouses and gyms in the society. The company is striving to achieve Rs 1,000 crore turnover and an initial public offering by 2022.