"We will invest about Rs 80 crore in Vadodara on senior citizens project named 'Athashri' Foundation. We are planning investment in Ahmedabad also," said Shashank Paranjape, managing director, Paranjape Schemes.
The company has identified three locations in Ahmedabad for its real estate projects and talks are in an advanced stage. Company plans to launch the scheme for senior citizens in Ahmedabad once the deal is finalised.
He said, "Looking at the strong growth in Gujarat, we are aiming to invest about Rs 200 crore in the next two or three years in the state."
Paranjape claimed that the company is the pioneer in special homes for senior citizen and about 1,500 families are living in its retirement housing projects. The company's schemes are present in Pune, Mumbai, Nashik, Kolhapur, Chiplun, Ratnagiri in Maharashtra and in Bangalore.
"Gujarat has an excellent infrastructure and is one of leading industrial states in the country with world-class cities and educational institutions, a stable political environment and government policies that encourage overseas investments in a wide range of opportunities. This is the right time and with such conducive environment and it's truly appropriate for our most ambitious project in Vadodara," Paranjape said,
Established in 1987, Paranjape Schemes (Construction) Ltd boasts over 160 completed projects. It has completed over 7 million square feet of projects and has 22 million square feet of projects under development.