PUNE: City based Vastushodh Projects is all set to get a boost in its endeavour to provide housing for middle and lower income groups with Avenue Venture Partners, a Mumbai based PE Fund taking project level equity in some of its projects.
In a first of its kind initiative Avenue Venture Partners Real Estate Fund has decided to take project level equity in affordable housing projects of Vastushodh Projects and has already invested Rs.20 Crores in an 'Anandgram' project that will come up on a 22 acres plot on Pune - Solapur highway.
Sachin Kulkarni, MD, Vastushodh Projects said, "This is indeed a welcome step and will provide a major boost to affordable housing segment, which was not getting the desired attention of PE investors so far. There is a big gap between demand and supply for houses in the range of 5 to 30 Lacs in Urban Maharashtra and such funding can help reduce the gap with a greater pace."
"Avenue Venture Partners shall be investing about Rs.40 Crores in two different housing projects to be set up by Vastushodh of which the first one mentioned above has already been finalized and the process of land acquisition of the same has also been completed. All other pre launch formalities shall now be completed", he added.
Vastushodh Projects is a Pune based real estate company operational in affordable housing segment initiated by two brothers Sachin and Nitin Kulkarni.
The company has two brands 'AnandGram' and 'UrbanGram' for lower and middle income group customers. 'AnandGram' offers homes in the range ofRs.5 to 15 Lacs and 'UrbanGram' offers homes in the range of Rs.15 to 30 Lacs. Currently, the company has already completed construction of 1700 housing units at multiple locations in and around Pune and is currently in the process of developing about 7.5 millions square feet with over 13000 units of affordable housing.
Earlier, Vastushodh had tied up with ACG Worldwide, largest privately owned producers of pharmaceutical empty hard gelatin and HPMC capsules for a joint development of housing colony for ACG Employees and for the development of an 'Urbangram' project on 16 acroreses of land owned by ACG at Shirwal on Pune Satara Road. .
Vastushodh introduced its brand 'UrbanGram' in Kolhapur this month and received splendid response with close to 100% flats opened for booking been booked within a week of launch itself. It is now planning to expand its wings to Mumbai territory and Baramati near Pune in the next 4-6 months. It has plans to set up an 'AnandGram' residential colony at Boisar which will involve construction of 1.1 million sq feet affordable housing space.