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The smart affordable housing provider will work with real-estate company Kolte-Patil Developers to co-develop the units over the next three years in Mumbai, Pune, and Bengaluru.
Global proptech company Planet Smart City is to establish a shared platform with Pune-based real estate group Kolte-Patil Developers to build 15,000 housing units in Pune, Bengaluru and Mumbai.
This extension of the partnership follows their initial ‘Universe’ smart affordable housing co-development in Pune, in the western Indian state of Maharashtra. And they plan to add several projects to the platform over the next three years.
In a statement, the partners said the expansion of their relationship will focus on a collaborative residential development platform consisting of projects and homes that “promote aspirational living”. Underpinning this will be digital and social innovation-led smart solutions to enable a better living experience for residents, the pair said.
With a growing population, India currently has one of the top five most pronounced housing shortages in the world. Every minute, 30 people migrate from rural to urban India. In 2011, only 30 per cent of India’s population lived in urban areas, however, this percentage is expected to increase by 40 per cent and the number of people living in Indian cities is expected to reach a whopping 630 million by 2030.
“With a focus on sustainability, the aim is to address the evolving needs of urban citizens looking for smart, holistic and socially-inclusive community-centric living in India”
“This is an important day for Planet Smart City’s strategic development. India, like many countries across South-East Asia, has huge opportunity across several states and the industry has tremendous potential especially, for viable operators, to offer long-term, future-proof solutions,” said Giovanni Savio, global CEO of Planet Smart City.
“By extending our partnership with Kolte-Patil we are in a strong position to work for a pipeline of 15,000 housing units that help provide an answer to the housing challenge in a full-fledged ESG (environmental, social, governance) framework where technology and social innovation will be the main drivers to implement a new concept of urban living.”
Outside of the states of Maharashtra and Karnataka, the pair will also look to identify other opportunities for co-development over the medium-term. Urbanisation particularly intensifies the already large demand for affordable housing, they said.
Replicating its approach to smart affordable housing, the projects will combine Planet’s expertise in integrating solutions, which aim to create thriving communities, with best-in-class research capabilities. The appropriate selection of solutions is led by the joint ‘Competence Centre’ in Pune.
The centre is a central point for Planet’s operations worldwide and helms partnerships with key partners and developers. The in-house research and development lab focuses on design, urbanism, social and technological smart solutions, as well as optimisation processes, for the company’s projects worldwide.
“Our joint platform will now allow us to expand the portfolio of projects in our focus markets of Pune, Mumbai and Bengaluru in line with our capital-efficient land-sourcing philosophy,” added Yash Patil, group CEO, Kolte-Patil.
“With a focus on sustainability, the aim is to address the evolving needs of urban citizens looking for smart, holistic and socially-inclusive community-centric living in India.”
Founded in 2015, Planet Smart City designs and builds neighbourhoods in countries with high housing deficits and works in partnership with real estate developers around the world to improve quality of life.
Kolte-Patil Developers, incorporated in 1991, has a dominant presence in the Pune residential market, and growing presence in Mumbai and Bengaluru. The company reports it has developed and constructed more than 50 projects including residential complexes, integrated townships, commercial complexes and IT parks across Pune, Mumbai and Bengaluru.