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"This 'AnandGram' project has many firsts to its credit, apart from being the largest affordable housing project by a private developer. Avenue has invested Rs 20 crore in the project, which is about 80 per cent of the land cost. Total sales revenue expected from the project is about Rs 225 crore", said Sachin Kulkarni, managing director, Vastushodh Projects.
According to Kulkarni, Vastushodh Projects has approached Maharashtra Housing And Area Development Authority and is trying to get a certification from them for this project so that the home buyers here will be entitled for a 6.5 per cent subsidy on interest of housing loan, which can transform in to a financial benefit of up to 2.40 lakh.
Vastushodh, which focuses on affordable housing segment, has projects in Pune, Kolhapur and Baramati, is also entering Mumbai. The company in a joint venture has acquired 1.1 million square feet of land at Boisar and invested about Rs 10 crore for the same.
This is the second investment by a private equity fund in an affordable housing project. In 2011, PE player Carlyle had announced investment of $26 million in Value and Budget Housing Corp set up by Jaithirth (Jerry) Rao and P S Jayakumar.
Vastushodh projects come under two brands-AnandGram and UrbanGram-for lower and middle income group customers. AnandGram offers homes in the range of Rs 5,00,000 to Rs 1,500,000 and UrbanGram flats are available in the range of Rs 15 lakh to Rs 30 lakh. So far Vastushodh has completed construction of 1,700 housing units at multiple locations in Pune and is currently in the process of developing about 7.5 million square feet with over 13,000 units of affordable housing.
Anandgram will come up on a 22-acre plot at Bhandgaon on Pune - Solapur highway near Yavat and will have over 2000 affordable units spread across 31 buildings that would be build in parking plus seven floors format. Pricing of homes at 'Anandgram project would range between Rs 6-22 lakh depending upon the size of every unit.
