Affordable Housing
Global definition for sustainable Affordable Housing
Affordable Housing Factors
Benchmarks
Affordable Threshold Distance
30% of Income Maximum. Over 30% is ‘cost burden’.
Distance
Under one hour.
Space & Amenities
Covered area + Sewage, water supply, Electricity.
Income Threshold
80% area median income.
Integration
Low income people living with the upper income levels.
Applicable Levers
Benchmarks
Land
Unblocking Land Supply
Development
Deploying an Industrial Approach
Operations & Maintenance
Achieving Scale Efficiency
Financing
Reducing Cost, Expanding Access
Regulation & Supportive Laws
Enhance densities in areas. Better utilization of space
Subsidy Threshold
The capacity of sustainability by reducing the funding need from Government
Affordable Housing Survey Result
EPL conducted a survey of nearly 500 people from different walks of life. Monthly earning results were bifurcated in different brands:
- PKR 0 to 30,000
- PKR 30,000 to 60,000
- PKR 60,000 to 150,000
- PKR 150,000 to 500,000
Results
Low income preferred apartments in the city rather than housing on the outskirts.
Affordable Housing Strategy
Different Models
EPL strategy is to provide affordable housing through four different models. However, the success of either of the model is detrimental on community building
Acquire a block of land in an existing housing development for affordable housing
- Mix of middle income and affordable housing along with commercial development
- Middle-income and commercial development to subsidize affordable housing
- Middle income and commercial development to subsidize affordable housing
- Target includes developing housing solutions adjacent to industrial estates
Affordable housing for company employees
COMMUNITY
Community Driven Marketing Strategy
The marketing strategy has been developed through EPL’s experience over time. Bulk of the marketing is happening through price sensitive tools. These are as follows:
Marketing of product is done through specific filtrations defining salary, location, age bracket. An in house call centre acts as a point of first contact to get preliminary inputs of the potential clients as well as provides information of the project. With the accessibility of mobile phones social media marketing tools are used to present product details such as location, construction timelines, current status, pricing and payment plans. Local cable of identified areas are also used for marketing of the housing product.
Over the years EPL has made a network of sale agents through its marketing & sales subsidiary of Kaizen Consulting & Services. EPL’s housing product is put through this network of agents to sell to the respective market.
As part of the marketing, EPL develops a model apartment for visiting potential clients to see the quality of product along with the flow of architecture and potential interior design elements to see the functionality of the product.
Recently, EPL through its subsidiary has initiated the process of visiting close proximity industries and institutes to market its product for lower income staff of such organizations with promising interest.
Marketing of the product is also based on a phase wise approach. A certain proportion of the product is marketed at an initial rate at launch of project. Once the target sale is achieved remaining project is launched at different phases of development. At each phase of launch the price of the remaining product is enhanced to cater for the inflation effect and for better profits.