Business Standard

Ashiana Housing to invest Rs 275 cr to develop project for senior citizens

The development of the first phase includes the land cost of Rs 25.11 crore, construction cost of Rs 52.38 crore, and other expenditures of Rs 16.36 crore

housing, real estate, luxury

Press Trust of India New Delhi

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Realty firm Ashiana Housing will invest Rs 275 crore to develop a housing project in Pune for senior citizens.
The Delhi-based company said in a statement that it has launched a joint venture project, Ashiana Amodh Senior Living at Talegaon in Pune.
The project, spread over 11.93 acres, will be developed in four phases and will entail an investment of Rs 275 crore, it added.
The project will be funded through internal accruals and construction finance.
Ashiana Housing said the delivery of the first phase is scheduled for October 2026.
The company is targeting customers aged 55 and above. In the first phase, 220 units will be developed and sold in a price range of Rs 57 lakh to to Rs 1.27 crore.
The development of the first phase includes the land cost of Rs 25.11 crore, construction cost of Rs 52.38 crore, and other expenditures of Rs 16.36 crore.
The total investment in the project would be Rs 275 crore, the company said.
"Recognizing the shifting societal norms, the acceptance of senior living is gaining traction, resulting in steady growth within the sector. In this era, we understand that retirees require ample space to spend their time freely and peacefully.
"Hence, we specifically chose Pune as the location for this project, as the city enjoys a moderate climate throughout the year, which is particularly favourable for seniors who prefer milder weather conditions," said Ankur Gupta, Joint Managing Director, Ashiana Housing.
Moreover, he said Pune boasts a well-established healthcare infrastructure, with numerous medical facilities ensuring that seniors have access to top-quality healthcare services and specialized care when needed.
Ashiana Housing is one of the leading real estate developers in the country. It has a presence in Gurugram, Jaipur, Bjiwadi, Jodhpur, Chennai, Pune and Jamshedpur property markets. It is listed on stock exchanges.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jun 19 2023 | 3:55 PM IST

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