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It will create 1,000 smart apartments across a 21,000 sqm area in the Life Republic township in partnership with real estate group, Kolte Patil Developers.
Smart affordable housing company Planet Smart City is developing 1,000 apartments in Pune, India, in partnership with real estate group, Kolte Patil Developers (KPDL).
The apartments will span an area of 21,000 sqm in the Life Republic township. Work is expected to begin in the third quarter of this year.
Planet Smart City has an ‘operating system’ vision for homes with its mission to transform the way affordable housing is delivered through integrating replicable smart technological solutions into large-scale projects. The Pune homes will bring together modern functional design with environmental solutions and Internet of Things (IoT) technology.
Residents will also have access to a wide range of shared services, designed to improve quality of life and strengthen the community.
Services will be powered by the free Planet App, through which residents can also control services in their smart homes, interact with the sharing economy and engage with each other to coordinate community activities.
"Thanks to our digital platform, we will integrate an array of services, offering superior quality for our residents,” said Giovanni Savio, global CEO of Planet Smart City. “The relevance and the volumes of the Indian market are key for Planet Smart City’s mission. KPDL immediately understood our multi-disciplinary approach and our investment with them represents the best possible way to launch our real estate operations in India."
“When you look at that gap and see the value we can create, we think we have a differentiated product in a very, very large market."
It is the first real estate project in India by Planet Smart City following its recent expansion into the country through the launch of its smart advisory services. As well as third party real estate developers, it will work with government agencies on current and future projects.
According to the report Brick By Brick: Moving towards Housing for All, by the Royal Institution of Chartered Surveyors, India has one of the top five most pronounced housing shortages in the world and will need to build 25 million additional affordable housing units by 2030.
The expansion into the Indian market supports Planet’s ambitious plans to develop 30 large-scale residential projects by the end of 2023, tackling one of the most pressing global issues.
Earlier this month, the company completed its latest round of capital fundraising, securing €24 million from existing and new investors, taking the total amount raised since the company’s inception in 2015 to €100 million.
Planet Smart City already has two ‘mini-city’ developments in Brazil: Smart City Laguna, which the company calls “the first smart affordable housing project in the world” and Smart City Natal. Both are being developed from the ground up.
Alan Marcus, chief digital strategy officer, Planet Smart City, told SmartCitiesWorld earlier this year that its developments are aimed at professionals on low incomes who typically might not be eligible for a large enough mortgage to buy a home.
“There are huge amounts of unmet need,” he said. “When you look at that gap and see the value we can create, we think we have a differentiated product in a very, very large market."
He added that rather than simply building houses, Planet Smart City has the ambition to create an experience”.
“Physical buildings are becoming less important,” Marcus added. “We certainly see this with millennials but even the elderly – they’re looking much more at the experience. And young starter families who don’t have a lot of money; they want to live in a community where they feel engaged.”
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