After delivering over 14 million square feet residential and commercial spaces in Bhiwadi, Jaipur, Jodhpur, Jamshedpur, Patna, Lavasa, Ashiana Housing, the largest celebrated comfort homes brand and pioneers of senior housing in the country have moved to Southern India. Ashiana Housing has joined hands with Chennai's renowned real estate company Arihant Foundation to develop 20 acres senior housing project in Chennai- Ashiana Shubham. An agreement for the same has been signed with Escapade Real Estate, an Arihant Group company and Ashiana Housing.
After completing 3 senior living projects successfully at Bhiwadi (Delhi NCR), Jaipur and Lavasa (Pune), where more than 1400 residents are currently enjoying their retired life, they have 1 more senior living project under construction at Bhiwadi (Delhi NCR). Ashiana Shubham at Maraimalai Nagar, off GST Road in Chennai is Ashiana's 5th senior living project.
Addressing a joint press meet in Chennai, Ankur Gupta, Joint Managing-Director of Ashiana Housing said, "At Ashiana Senior Living, we might not prevent ageing, but we definitely help in transforming the way our residents age. We do so by offering a lifestyle that is active, healthy, carefree, dignified and independent; which mitigate the impact of ageing. With the launch of Ashiana Shubham with the Arihant, we wish to continue on our pioneering pathway for the nation's senior-citizen community."
Also present on this occasion Bharat Jain, Director, Arihant Foundations & Housing said, "We are glad to be stepping into this joint-venture with the Ashiana Housing. With the Ashiana Shubham project, we would further expand our work portfolio in a genre, which will be of crucial growth potential in the real estate industry, considering the swell in our senior population in the coming decade."
The project is part of Villa Viviana 45-acre township offering luxury villas, group housing and plots, and located in Maraimalai Nagar, close to Mahindra SEZ. Ashiana Housing will invest in development and marketing of the approximately one million sq.ft. Project comprising primarily of homes for the elderly, residential and various support components, while Escapade Real Estate will bring in land as equity to this joint venture.
Commenting on Ashiana Housing's entry to Chennai, Vijay Moorthy, Vice President, Ashiana Housing , told, "Chennai offers huge potential for senior living developments. Apart from its strong economy, industrial growth, infrastructural advancement and substantial demographic base, Chennai also has strong linkages within South Indian hinterlands and offers quality social infrastructure and state-of-the-art healthcare facilities. These factors combine to make it an ideal destination for senior living projects.
"One of the other key highlights of our projects includes an in-house facility management & property services division to take care of projects even after the handover", Vijay Moorthy said. He mentioned that the facility management wing, will ensure timely repair and maintenance of all the common areas, to keep the aesthetics of construction intact, and it will also increase the life span of building along with better realization of rent or on sale.
Shares of the company gained Rs 1, or 0.45%, to settle at Rs 221.10. The total volume of shares traded was 3,365 at the BSE (Friday).
