Planet Smart City, the global leader in smart affordable housing, is pleased to announce the extension of its exclusive partnership with Pune-based Kolte-Patil Developers, a leading real-estate player, to propel Planet’s Indian business over the next 3 years. The expansion will focus on a collaborative residential development platform consisting of projects and homes that promote aspirational living with digital and social innovation-led smart solutions to enable a better living experience for residents.
Building upon the success of its first co-development in Pune, ‘Universe’, Planet and Kolte-Patil plan to add several projects to the platform over the next three years in Mumbai, Pune, and Bengaluru with an aim to co-develop a minimum of 15,000 housing units*. With a growing population, India currently has one of the top five most pronounced housing shortages in the world. Every minute, 30 people migrate from rural to urban India. In 2011, only 30% of India’s population lived in urban areas, however, this percentage is expected to go up to 40% and the number of people living in Indian cities is expected to reach a whopping 630 million by 2030.
Outside of the states of Maharashtra and Karnataka, the pair will also look to identify other opportunities for co-development over the medium-term. Urbanisation particularly intensifies the already large demand for affordable housing. The Smart City concept and the latest macro-trends such as PropTech are key to be able to decouple growth and environmental impact in Asian cities, aiming at meeting ESG criteria and a good quality of life for citizens in highly dense urban settlements.