Ashiana Housing Ltd, a listed real estate developer, plans to launch two luxury housing projects in Jaipur and two senior living projects in Chennai with a cumulative tentative investment of around Rs 700 crore next year, its Joint Managing Director Ankur Gupta told Moneycontrol in an interview.
The company, which has a presence in the senior and assisted living segments, also aims to complete the construction worth Rs 400 crore in its ongoing projects by the end of the current fiscal, he said.
“We plan to launch two new projects in Jaipur in the fourth quarter of this financial year. One of them will be a very high-end luxury housing project named ‘One44’ while the second one is a villa housing project. The investment in both these projects is roughly around Rs 200 crore. Apart from this, two new senior living projects will be launched in Chennai with an investment of around Rs 500 crore,” Gupta said.
He said that project ‘One44’ will be developed on a 4-acre land in Jaipur and will offer 144 super luxury apartments. These will be bigger apartments having an average size of about 2,700 square feet and the price of one flat is likely to be around Rs 2 crore. In the villa project, the company is planning to offer only 56 high-end villas.
Senior Living
Gupta said that given the huge demand, Ashiana Housing will launch two new senior living projects in Chennai and also the second phase of the Pune senior living project, which was launched last year.
“In Chennai, two senior living projects are coming up. One will be located in Mahindra World City while the other will be on ECR (East Coast Road). One will have 450 units and the other one will offer 1,050 units. Investment including the land cost in both these projects is expected to be around Rs 500 crore,” Gupta said.
He said that the company will also launch two care homes, one each in Chennai and Bhiwadi. These care homes are almost ready and will be in the market for consumers from January 2024, he said.
“There is a huge market demand for senior living as earlier we used to sell about 150 or 200 units in a year but this year we are looking at selling about 450 to 500 units a year. So the market is growing at an exponential rate,” he said.
Scouting for land
He said that the company is planning to expand to other cities like Bengaluru and Mumbai, among others.
“We will be doing about 20 lakh square feet of construction in this fiscal so it will be about Rs 400 crore of investment in construction (in ongoing projects) in this financial year. We are looking for land on Mumbai-Pune Expressway, Bengaluru, Jaipur, Gurugram and Jamshedpur,” the Ashiana Housing JMD said.
The company is seeking 7-15 acre of land for a senior living project in Bengaluru, he said.
Ashiana Housing has 11 ongoing projects in seven cities including Chennai, Pune, Gurugram, Jaipur, Jodhpur, Jamshedpur and Bhiwadi.
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