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After cars, now 'nano' flats for 
3 lakhs
By siliconindia
|
Monday, 04 May 2009, 21:15 IST
3 lakhs to 5 lakhs. The 3 lakh homes would be 250-sqft and the EMI will be at 3,000, and a 400-sqft home will be available for 5 lakh.
The affordable homes will target the various sections of the society including domestic help, taxi drivers, plumbers, senior citizens, graduates, newly wed couples - basically, those who earn between 6,500 and 13,000 a month, reports The Economic Times. Ramesh Ramanathan, founder of Janaagraha, a non-profit organization for public governance, MphasiS founder Jaithirth Rao and CSC Constructions are mulling over the project on the low-cost homes. The projects are in various stages of planning and development in a 20-km radius of Bangalore. "There is a shortage of 26 million homes in urban India alone, with 90 percent of the demand coming from the lower-income group and the economically weaker sections," said Ramanathan.
Mphasis chief Rao is also trying to garner funds from the Indian IT bellwethers like Infosys Technologies co-founder N R Narayana Murthy. "I have not yet decided about investing in Jaithirth's project," said Murthy. Ramanathan and Rao propose to use the micro-finance route to ensure the availability of credit to their core - lower-income - audience, a majority of whom may not even have a bank account. Ramanathan's urban micro-finance arm, Janalakshmi, has a borrower base of over 50,000 people.