Janaadhar Constructions, an affordable housing project promoted by Janalakshmi Social Services, launched its first affordable housing project in Bangalore today.
The project 'Janaadhar Subha' comprises of 1,140 flats with a saleable area of 0.7 million sq ft. The first phase of the project comprises of 528 flats of 400 sq ft each and will cost around Rs 4 lakh excluding property registration and other charges.
“We will focus on people with income of Rs 15, 000 per month, mostly made of shop floor workers in factories, families with single or dual incomes from semi-formal and informal economies like security guards, household help etc,” Ramesh Ramanathan, chairman and director, Janaadhar Constructions Pvt Ltd.
The company will also provide housing loans for customers looking to buy houses in this project through its financial arm, he added.
Referring to investment in this project, a senior official of the company said there was an investment of around Rs 100 crore in the project, from which Rs 25 crore had been funded by Central Bank.
We are not looking at further fund raising at this time, he added.
