The lack of affordable housing is a significant problem in urban India. The affordable properties available in the market usually don’t provide standard amenities like a swimming pool, high-speed lifts, etc. Consequently, this prevailing situation fails to match the expectations and necessities of middle-class homebuyers, who always have to compromise on their dreams of owning a proper house.
Witnessing this problem, Shayna Foundation, the not-for-profit housing company and a subsidiary of Urban Axis Infratech Ltd, plans to offer affordable/economical housing targeted at middle-income home seekers at 30% cheaper prices than conventional market rates.
Shayna Foundation will undertake this project in the vicinity of Uttar Pradesh. As a part of the novel initiative, the foundation has segregated the project into three phases. The first phase will offer 2BHK and 3BHK homes in Tier 2 cities (Aligarh, Bijnor, & Muzaffarnagar in Western UP, Etawah & Hamirpur in the Bundelkhand region, and Hardoi, Raebareli, Amethi & Sultanpur in Eastern UP).
The projects will have high-end amenities, including swimming pools, recreational areas, and clubs. The foundation aims to complete the projects in the next five years, targeting 50,000 houses in ten cities.
In Phase 2, Shayna Foundation intends to deliver 150,000 houses to the middle-class group in another five years in 25 cities in Western UP, Bundelkhand, Region/Central UP, and Eastern UP after finishing Phase 1. Lastly, it plans to develop 300,000 houses in 5 years in 40 cities and all the remaining cities in the UP as a part of Phase 3.
Speaking on this occasion, Shashank Gupta, Managing Director of Shayna Foundation, said, “The overall affordable property market has always remained vulnerable to the growing middle-class and working population. The COVID-19 pandemic has further accelerated this issue with a significant price hike in housing segments, thereby shattering the home-buying dreams of this specific income group. At Shayna Foundation, we aim to cater to this issue by developing affordable real estate projects under a not-for-profit business model amid the rising inflation dispute. In this context, our company plans to deliver around 500,000 affordable modern homes in the next 15 years across all cities of Uttar Pradesh and then expand our footprints to the whole of India.”