Ashiana Housing to allocate Rs 2.75 bn for senior living project in Pune

20 Jun 2023 CW Team

Ashiana Housing has recently initiated work on its initial project, Ashiana Malhar, situated on 11.33 acre near Pune's Hinjewadi, with an investment of approximately Rs 3 billion.

The project, situated alongside Indrayani River and boasting a development potential of 9 lakh sq ft, will be executed in four phases. The company plans to deliver the first phase by October 2026. The project will be financed through internal accruals and construction finance.

The development costs of phase I of the joint venture project, Ashiana Amodh, consist of a land cost of Rs 250.11 million, a construction cost of Rs 520.38 million, and additional expenditures totaling Rs 160.36 million, bringing the total to Rs 930.85 million.

Ankur Gupta, Joint Managing Director, Ashiana Housing, commented on the project, stating, "We have recognised the shifting societal norms and the growing acceptance of senior living, leading to consistent growth in the sector. We understand that retirees require spacious and peaceful environments. Therefore, we deliberately selected Pune as the project location due to its moderate climate throughout the year, which is particularly favourable for seniors who prefer milder weather conditions."

The company aims to target individuals aged 55 and above for the project's first phase, which will include 220 units. These units will be priced between Rs 57 lakhs and Rs 10.27 million, with usable areas ranging from 637 sq ft to 1,122 sq ft.

Ashiana Housing has previously undertaken six senior living projects in the National Capital Region, Jaipur, Lavasa, and Chennai. Senior housing is a primary focus for the company, which currently operates five such projects. The company plans to expand its portfolio to a total of nine senior living projects in the near future.

Also read:
Metro's Extension To Push Housing, Commercial Realty
Godrej Properties to buy land for a residential project

Realty developer Ashiana Housing has announced its intention to invest more than Rs 2.75 billion in the development of a senior living project spanning 11.93 acre in Pune's Talegaon locality. The company's total investment in both projects in Pune now amounts to Rs 5.75 billion. Ashiana Housing has recently initiated work on its initial project, Ashiana Malhar, situated on 11.33 acre near Pune's Hinjewadi, with an investment of approximately Rs 3 billion. The project, situated alongside Indrayani River and boasting a development potential of 9 lakh sq ft, will be executed in four phases. The company plans to deliver the first phase by October 2026. The project will be financed through internal accruals and construction finance. The development costs of phase I of the joint venture project, Ashiana Amodh, consist of a land cost of Rs 250.11 million, a construction cost of Rs 520.38 million, and additional expenditures totaling Rs 160.36 million, bringing the total to Rs 930.85 million. Ankur Gupta, Joint Managing Director, Ashiana Housing, commented on the project, stating, We have recognised the shifting societal norms and the growing acceptance of senior living, leading to consistent growth in the sector. We understand that retirees require spacious and peaceful environments. Therefore, we deliberately selected Pune as the project location due to its moderate climate throughout the year, which is particularly favourable for seniors who prefer milder weather conditions. The company aims to target individuals aged 55 and above for the project's first phase, which will include 220 units. These units will be priced between Rs 57 lakhs and Rs 10.27 million, with usable areas ranging from 637 sq ft to 1,122 sq ft. Ashiana Housing has previously undertaken six senior living projects in the National Capital Region, Jaipur, Lavasa, and Chennai. Senior housing is a primary focus for the company, which currently operates five such projects. The company plans to expand its portfolio to a total of nine senior living projects in the near future. Also read: Metro's Extension To Push Housing, Commercial Realty Godrej Properties to buy land for a residential project