Chennai, Dec 19: Serial entrepreneur C Sivasankaran on Wednesday announced its foray into the crowded housing sector riding on an innovative business model with UTOO Homes. This was not the first time that he was entering this space.
However, his belief has always remained that “late comers can win faster with the learnings from competitors’ mistakes at zero cost”, he told reporters here.
This Housing venture will follow the UTOO’s business model which revolves around sustainable business practices rather than a pursuit of grabbing market share.
“Studying the market needs of customers and taking into account the space wastage, which customers have to pay for, UTOO presents luxury smart housing at affordable prices'', he added.
UTOO’s concept was based on studies that show that residents use not more than 90 sqm of living space in his/her home, though they pays for large areas that does has been rarely used, he said.
Each of the homes comprises of 500 sq ft of FSI, the cost of which included, land and construction costs, standardised interiors (with customization options), services bundled along with the apartment, free balcony space.
The design of these homes were from Italy and all the interior fitments (including five built-in kitchen appliances) were European made and comes with a five-year warranty.
The cost of each apartment was Rs 41 lakh, without GST as it was fully built product. The target group were the 22-34 years young urban Indian and above 60-year-old couples and individuals.
About the expansion plans, he said UTOO Homes plans to build 90,000 units in 30 cities in the next five years and their first project of 350 dwelling units with all approvals was opposite to the Sri Ramachandra Medical College at suburban Porur in Chennai. (UNI)