Seeds Rs. 50 crore in firm targeting Delhi’s Rs. 13,000-crore, contractor-built one-off home market
New Delhi, July 13th, 2015: Puneet Dalmia, MD, Dalmia Bharat Group has, in his individual capacity, made an initial investment of Rs. 50 crore in PRITHU, a startup in the realty sector. The company, founded by a dynamic young team some of whom are IIM, IIT and SPA alumni, seeks to disrupt the highly-fragmented contractor-built individual home segment in Delhi. Over the next five years, Prithu is targeting an annual turnover of over Rs. 500 crore. The initial investment gives Puneet Dalmia a 74% stake, and the balance will be held by Nitin Bansal, Managing Director, PRITHU.
“Delhi’s residential stand-alone real estate market is much like the rest of India where one-off homes built by small contractors are the preferred choice. Low degree of professionalism has led to a serious trust deficit in this sector, and home owners often have disappointing stories to narrate regarding on time delivery and quality of specs” noted Puneet Dalmia. “PRITHU’s team has the right credentials, Energy and experience, and shares Dalmia Bharat’s values. I am excited to be able to participate in this opportunity.”
PRITHU-built homes are designed for sustainable living, and will seek to be GRIHA (Green Rating for Integrated Habitat Assessment) certified. They include built-in safety and security features, and will cost between Rs. 2300 to Rs. 6000 per sq. ft., covering all design, construction and approvals costs. Better design, appropriate materials and certified construction quality ensure greater energy efficiency and lower maintenance costs. PRITHU also promises timely delivery and one year of free maintenance post hand over.
“We’re looking to transform the small-contractor-dominated individual or one-off home segment with a systematic and transparent approach, to ensure a superior and satisfying customer experience,” said Nitin Bansal, Co-founder and Managing Director, PRITHU. “We’re delighted that Mr. Puneet Dalmia from Dalmia Bharat Group, one of India’s oldest corporate houses, sees potential in PRITHU, and has confidence in our ability to realise our vision.” CCI Newswire
