Ashiana Housing buys 23-acre land in Chennai, eyes Rs 1,200 cr revenue from senior living project

New Delhi, Aug 27 (PTI) Realty firm Ashiana Housing has acquired nearly 23 acres of land in Chennai to develop a senior living housing project with a revenue potential of Rs 1,200 crore.

In a regulatory filing, the company informed that it has "acquired a piece of land admeasuring 22.71 acres on perpetual lease basis from Mahindra World City Developers Ltd, a material subsidiary of Mahindra Lifespace Developers Ltd".

The land is located within the complex of Mahindra World City at Chennai (Tamil Nadu), and the company plans to develop a senior living project (villas and apartments) on this land.

"This land is adjacent to our existing Senior Living project namely 'Ashiana Vatsalya' and has saleable area of 15 lakh sq ft (approx.) with sales potential of Rs 1,200 crore," Ashiana Housing said.

The company currently has nine ongoing projects, three in Bhiwadi (NCR), three in Chennai, and one each in Jaipur, Pune, and Lavasa (Pune). It is now planning to expand its footprint into Bengaluru and Mumbai.

Ashiana Housing Ltd's sales bookings rose 83 per cent to Rs 430.97 crore in the first quarter of this fiscal on higher demand.

Its sales bookings or pre-sales stood at Rs 235.32 crore in the year-ago period.

The company sold 5.95 lakh square feet in the April-June period of this fiscal as against 4.42 lakh square feet in the corresponding period of the preceding year.

Delhi-based Ashiana Housing, one of the leading real estate developers in the country, sold properties worth Rs 1,936.75 crore in the entire 2024-25 fiscal. PTI MJH MJH SHW