25 Year Old Low Cost Housing Developer in Forbes 30 under 30

BENGALURU:
Young entrepreneur and developer from Bengaluru, Pranav Sharma, found his name entering the 30 under 30 Forbes list of Young Entrepreneurs early this year. The recognition, coming close on the heels of his successful multiple venture of providing affordable housing to the economically backward and mid segment home buyers, was given for the unique model opted in the solar energy segment to positively crack the cost ratio of the project.

In his project connected with solar energy generation, Pranav had come up with a leasing model for the primary cost of land, thus reducing the cost ratio of land in project cost from its prevailing 7 to 10 per cent to now merely 3 to 4 per cent. His business model also came with the added advantage of benefitting the farmers leasing the land by enabling them to continue to hold the title of the land while earning a regular monthly stream of income which otherwise was non-existent given the fallow nature of their lands.

In recognition of his business acumen, perseverance and unique business model, Forbes entered his name into the 30 under 30 list. “The land sourced for a solar plant is typically a waste land that cannot be used for agricultural purposes. The farmers stand to benefit when it is leased from them by the government. The land can be sub-leased from the government by those private players generating solar energy”, says Pranav.

Forbes also recognised his work in the affordable housing segment where Pranav cracked another successful business model where the cost of each apartment unit ensured that the economically backward home buyer had to pay an EMI not exceeding his normal monthly rental payments. This cost approach made the apartment units extremely affordable for the targeted segment, resulting in the units getting sold out within two months of launch. “Our objective was to build a brand, ensure quality, keep margins thin, where the viability is met through volumes”, explains Pranav about his business model.

Pranav is currently working on expanding his footprint both in the renewable energy segment as well as the affordable housing segment.