Poddar bets big on affordable housing, targets Rs 500-cr revenues

Poddar Developers expects to double its revenues to Rs 500 crore over the next three years as it is betting big on the increasing demand for affordable housing. Whatever the definition of affordable housing, there is a huge shortage of such housing stock. The company is focusing on catering to this unmet demand and it expects revenue to touch nearly Rs 500 crore by FY17, the company's Managing Director Rohit Poddar said.

Poddar Developers, the publicly traded company, had posted a turnover of Rs 270 crore in 2012-13, up 64 per cent from Rs 164 crore in 2011-12. The company, which is focused on providing affordable housing with apartments in the Rs 7.5-15 lakh range, currently has projects on the outskirts of Mumbai like Karjat, Badlapur, Shahapur, Kalyan, Palghar, Vasai and Panvel.

While our projects in Karjat, Badlapur and Shahapur are completed, the other projects are under execution and are expected to be completed this fiscal, Poddar said, adding that the company will continue to expand its presence in these regions. Apart from Maharashtra, the company also plans to expand its presence in Gujarat and Bangalore where it has land parcels, he said.