Paranjape Schemes (Construction) Ltd has ventured into the affordable housing segment under the brand 'Happiness Hub', the Pune-based developer said in a press release.
The first project under this brand will come up at Varwe in Pune. The project will have 2,000 apartments that will sold for Rs 10.35 lakh to Rs 25 lakh during the launch period.
VCCircle was the first to report in May this year that Paranajape Schemes is adding a new segment to its portfolio and is coming out with a low-cost housing project with apartments at Rs 11-25 lakh.
“This project will give a fillip to the affordable housing space catering to the needs of the people looking at buying cost-effective homes,” Shrikant Paranjape, chairman, Paranjape Schemes, said in the statement.
The company is looking to focus on extending the brand to smaller cities and towns in Maharashtra, the statement said.
Paranjape has 44 ongoing projects totaling to roughly 8 million sq ft, with 6.5 million sq ft under the residential segment and the rest under commercial. It aims to take the total area under construction to 15 million sq ft in five years. It has total portfolio of 2.41 million sq ft under commercial segment.
It has projects in Pune, Mumbai, Nashik, Kolhapur, Chiplun and Ratnagiri in Maharashtra, and Baroda and Bangalore outside the state. It will be expanding its presence to Goa with a project under Athashri, the senior citizen development vertical of the company.
In July, the comapny filed its documents with capital markets regulator Securities and Exchange Board of India to raise Rs 600 crore ($94.5 million) through its initial public offering (IPO). If it moves ahead with the proposed issue it would be the first pure realty company to do so in five years when Oberoi Realty, Prestige Estates and Nitesh Estates went public.
The developers present in the affordable housing segment through separate arms are Tata Housing, Shapoorji Pallonji, Puravankara (Provident Housing) and ATS Infrastructure Group. Of late, several developers have announced plans to come up with such projects. North India-based realtors Supertech and Raheja have come out with low-cost projects in collaboration with Haryana Urban Development Cooperation.