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Sunday, December 4, 2022

Pranav Sharma made Rs 126 crore through low-cost houses despite Covid-19

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Pranav Sharma founded a construction company that builds affordable houses. Felicity Adobe LLP has clocked a cumulative turnover of Rs 126 crore even during the pandemic.

Pranav Sharma, a Manufacturing Engineering graduate from BITS Pilani, Hyderabad Campus, abandoned his work at Deloitte at the age of 22 and founded a building company in Bengaluru to build inexpensive houses for persons in the EWS (Economically Weaker Section) and LIG (Light Income Group) categories.

After four years, he has developed around 1000 housing units and given 680 individuals from the EWS and LIG groups the opportunity to purchase a home. Despite the slowness caused by the epidemic, his firm Felicity Adobe LLP has a total revenue of Rs 126 crore.

“Investing in a house for EWS or LIG categories is an emotional experience,” says Pranav, Founder-Director of Felicity Adobe.

Swarna Griha I and Swarna Griha II are two separate projects in the industrial city of Tumkur, Karnataka, around 70 kilometers from the state capital Bengaluru, which has a significant concentration of blue-collar employees.

“I wanted to give residences for these blue-collar people,” says Pranav, who uses the government of India’s Pradhan Mantri Awas Yojana (PMAY) subsidy for buyers of his properties.

To qualify for a subsidy of up to Rs 2.67 lakh under the PMAY scheme, buyers must meet the following criteria: beneficiary’s maximum age of 70, annual income of less than Rs 3 lakh (for EWS) and Rs 3-6 lakh (LIG), beneficiary or family member should not own any house in India, and a female member of the family should be co-owner of the house.

Pranav, now 26, was schooled at India International School in Sanganer, a Tier 2 city 20 kilometers south of Jaipur, Rajasthan, where he was enrolled in playschool and studied up to Class 12.

To qualify for a subsidy of up to Rs 2.67 lakh under the PMAY scheme, buyers must meet the following criteria: beneficiary’s maximum age of 70, annual income of less than Rs 3 lakh (for EWS) and Rs 3-6 lakh (LIG), beneficiary or family member should not own any house in India, and a female member of the family should be co-owner of the house.

Pranav, now 26, was schooled at India International School in Sanganer, a Tier 2 city 20 kilometers south of Jaipur, Rajasthan, where he was enrolled in playschool and studied up to Class 12. He started with a mock-up unit to demonstrate customers how their house will appear before beginning construction on Swarna Griha I in Annenahalli, Tumkur, with the appealing motto, “Own a Home at Rental Cost.”

Within a month and a half, he received 300 applications, each with a Rs 25000 booking advance.

The young builder received the shock of his life while submitting applications to the bank.

Many applicants lacked the necessary papers to even be considered for a bank loan. He was eventually able to acquire loans for the majority of his customers.

In 16 months, he constructed the first phase, Swarna Griha I. It was a G+3 project (ground floor plus three-story towers) with 425 square feet single BHK flats. Prefabricated technology was employed to enable high-quality construction at a low cost and in a timely manner.

In comparison to traditional building approaches, this cut turnover time by half.

“The world is adopting new technologies to increase quality, durability, and beautiful designs in less time,” Pranav adds.

“We chose prefabricated technology because it saves time while providing precision and quality.

It aided us in maintaining standardization across all units.”

The buyers only paid 10% of the entire cost of the apartment, with the bank financing the other 90%. The PMAY plan also provided buyers with a subsidy of up to Rs 2.67 lakh.

Pranav then finished Swarna Griha II in Tumkur at Vasanthanarasapura.

“It was a G+12 building with two bedrooms this time. It has a clubhouse, parking, and a swimming pool.”

Swarna Griha II is priced at Rs 18 lakh per unit.

“We have acquired official clearances for the remainder of Phase-2, and construction will begin in early 2023.”

Swarna Griha III would be built in Kolar, with each unit costing Rs 19 lakh.

Pranav bought an 8-acre block of land in Belagavi (Belgaum) for the fourth phase of Swarna Griha. It will contain 2 and 3 bedroom flats.

The project consists of ten 15-story towers, each with a total of 1235 flats

Pranav is presently obsessed with his job, directing a team of 70 employees, with an objective of constructing 50,000 homes by 2028.

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