Realty firm Ashiana Housing has acquired nearly 16 acres of land from Mahindra Lifespace Developers in Chennai to develop a senior living housing project with an expected sales revenue of over Rs 600 crore in the next six years, a top company official said.
In a regulatory filing, the Delhi-based firm on Thursday said the company has "acquired a piece of land measuring 15.64 acres on perpetual lease basis from Mahindra Lifespaces within the township of Mahindra World City at Chennai (Tamil Nadu)".
The company proposes to develop a senior living project on this land. Ashiana Housing did not disclose the value of the deal.
When contacted, Ashiana Housing Managing Director Vishal Gupta said the company will develop a senior living housing project on this land parcel.
"We expect to launch the project in the third or fourth quarter of the next fiscal year after getting all the regulatory approvals," he told PTI.
Gupta said the company would develop 12-13 lakh sq ft area in this project, comprising around 1,000 units.
He said the company expects a sales revenue of Rs 600-650 crore from this project, which will be developed in phases over the next 5-6 years.
"The demand for senior living housing is very strong in Tamil Nadu," Gupta said.
This will be the second senior living project in Chennai. The company is already developing one project in the city comprising around 1,000 units.
Gupta said the company is looking for more land for expansion of its business and is open for both outright purchase and joint ventures with landowners.
Meanwhile, Mahindra Lifespace Developers MD and CEO Arvind Subramanian said, "India’s fast-growing elderly population coupled with rising nuclearisation of families means that serviced senior living is currently an underserved and high-growth segment in residential real estate."
With ready social infrastructure including a hospital, a retail zone, hotels and restaurants and a world-class club, Mahindra World City Chennai is an ideal destination for senior living amidst natural, suburban, environment-friendly surroundings, he added.
"This first-of-its-kind planned, integrated city with a thriving business district will enable improved quality of life for senior citizens in a supportive, community environment. We welcome Ashiana to MWC Chennai to address this exciting opportunity," Subramanian said.
Ankur Gupta, Joint Managing Director, Ashiana Housing, said, "With this partnership, it will be our endeavour to continue the legacy built by Ashiana Housing in the space of senior living. We are heartened by this opportunity which will help strengthen our development portfolio in Chennai, expanding our footprints in the State."
Ashiana Housing has a presence in Jaipur, Bhiwadi, Jodhpur, Jamshedpur, Neemrana, Sohna, Lavasa, Pune, Halol, Chennai and Kolkata.
The company posted a net profit of Rs 4.08 crore last fiscal year as against a loss of Rs 28.95 crore in the previous year. Total income fell to Rs 259.31 crore in 2020-21 from Rs 317.32 crore in 2019-20.
