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Last Updated : Dec 05, 2014 02:15 PM IST | Source: Moneycontrol.com

Ashiana Housing at life high, enters Chennai realty market

The New Delhi-based real estate firm has entered the Chennai market by signing a development agreement, on revenue sharing basis, with Escapade Real Estate.

 
 
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Moneycontrol Bureau


Shares of Ashiana Housing rallied as much as 3.35 percent intraday to touch a life high of Rs 216 on Friday on foraying into Chennai's real estate market.


The New Delhi-based real estate firm has entered the Chennai market by signing a development agreement, on revenue sharing basis, with Escapade Real Estate.

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Escapade is a group company of Chennai-based real estate company Arihant Foundations and Housing. The joint venture will develop a 'senior living project' as well as 'regular group housing project' on 20 acres (approximately) of land with saleable area of 9.70 lakhs square feet (approximately), said the company in its filing.


The proposed project is coming up at Sengundaram village, Maraimalai Nagar, Chennai (Tamil Nadu), the company added.


At 10:31 hours IST, the scrip of Ashiana Housing was quoting at Rs 215, up Rs 6, or 2.87 percent on the Bombay Stock Exchange while Arihant Foundations and Housing was locked at 10 percent upper circuit.

Posted by Sunil Shankar Matkar

First Published on Dec 5, 2014 10:54 am
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