Kerala Government, through its wholly owned non-profit company Bhavanam Foundation Kerala (BFK), is all set to launch a new affordable housing project for the low – paid labourers, workers and employees in the state who would like to own a flat of their own.
BKF is a company incorporated by Government of Kerala for providing, promoting, developing, or establishing residential accommodation, and other associated infrastructure and services to labourers, workers and lower-paid employees working in the state of Kerala.
BKF has named its very first project “Janani” which will be launched under a Build Operate and Transfer (BOT) model through Public Private Partnership (PPP). The company has already invited Express of Interest from the entities for developing the housing project.
BKF will build 400 apartments of about 700 sq.ft. each in Trivandrum or Kochi in the first phase of the scheme. The construction of home will be done on the land area available within a radius of 15 to 20 kilometers from the city limits. The home units built using the latest and innovative construction methods will cost around Rs 10 Lakh.
The beneficiaries of the project will have to do an initial investment of at least Rs 2 lakh to own a home. The rest of the amount can be paid through EMI’s for a loan period of 15-20 years. The amount required to construct a flat other than the beneficiary contribution of Rs 2 lakh will be funded by the BKF itself.
The eligibility criteria for the identification, selection and allocation of flats is yet to be decided.