Ashiana Housing, a senior living-focused real estate developer, is planning to launch two premium residential projects in Chennai comprising 1,500 units under multiple phases at a total capex of ₹500 crore.
“We are launching two more projects in Chennai on the senior living side,” Ankur Gupta, Joint Managing Director, Ashiana Housing told businessline. He added that one project will come up in Mahindra World City and the other one will be located on the East Coast Road (ECR).
In 2015-16, the realty firm entered Chennai market with the launch of₹414 crore residential project ‘Ashiana Shubham’ at Maraimalai Nagar, off Grand Southern Trunk Road, in a joint venture with Arihant Foundation. Last week, the company launched the fifth and final phase of the 920 unit project.
“In Phase 5, we launched 100 units, of which 50 units are sold out on day one,” Gupta said, adding that the company has now signed up with Mahindra World City to develop a 1,100 unit property. The company will also develop a 450 unit premium senior living community in ECR. “We are looking at launching the projects by Q4FY24,” he added.
According to Gupta, the two projects, to be built under multiple phases, are estimated to cost ₹500 crore approximately. He further said, land for the Mahindra World City project is already acquired while the ECR project will be built as a JV with Arihant Group.
Investment agreement with IFC
Earlier this year, Ashiana Housing and International Finance Corporation (IFC) entered into an investment framework agreement, wherein IFC will co-invest in upcoming middle income residential projects including senior living projects up to ₹112.5 crore, which can be increased to ₹225 crore.
He noted that Tamil Nadu has the largest number of senior living houses in the country with an increasing demand for quality senior living communities. “Tamil Nadu will do 600-1,000 units a year and our share on that would be around 30-50 per cent,” Gupta said.