There is a wide gap between what developers offer under affordable housing and what buyers aspire for and can afford, leading to a disconnect in the housing sector.
A new R2,500-crore housing project from Pune-based Naiknavare Developers looks to bridge this gap.
Naiknavare was among the early entrants in the affordable housing segment with its Bharat Pattern Township Dwarka in 2011 in Pune. The company has sold 2,000 homes in Pune till date.
According to Hemant Naiknavare, director, Naiknavare Developers the company aspired to sell 5,000 homes but fell shot. But in the process the company has learned how to build affordable homes, how to price them and also address the funding issues confronting buyers.
Naiknavare Developers has thus relaunched the Dwarka Township project and plans to build 8,000 homes in the next six to eight years.
In the first phase the company will launch 3,000 flats. The project have been re-engineered and re-sized. The space has been reduced by around 20% to 434 sq ft.
One BHK homes will cost R14.50 lakh and 756 sq ft 2BHK will start from R25 lakh. On the financing front the company has introduced an options of zero per cent down payment, a monthly payment plan and 0% Pre-EMI.