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Ashiana Housing acquires 23 acres of land in Chennai, eyes ₹1,200 crore revenue
Chennai real estate: Ashiana Housing said the land parcel is located within Mahindra World City, Chennai, developed by Mahindra World City Developers Ltd
Ashiana Housing Ltd has announced the acquisition of 22.71 acres of land in Chennai to develop a senior living housing project with a revenue potential of ₹1,200 crore, the company said in a regulatory filing.
The land parcel is located within Mahindra World City, Chennai, from Mahindra World City Developers Ltd, a material subsidiary of Mahindra Lifespace Developers Ltd.
The acquired land, strategically located adjacent to Ashiana Housing’s existing senior living community “Ashiana Vatsalya”, has a saleable potential of approximately 15 lakh sq ft.
Also Read: Ashiana Housing and Arihant Foundation to build homes for seniors in Chennai with an investment of ₹225 crore
The company plans to develop a state-of-the-art senior living project comprising villas and apartments, further strengthening its leadership in the senior living housing segment.
The company plans to invest ₹425 crore in FY2025–26 to expand its senior living portfolio, with a focus on entering key markets such as Mumbai, Bengaluru, and Delhi-NCR. In a regulatory filing, the company said the outlay will cover payouts to landowners, construction, execution costs, and other project-related expenses.
Currently, Ashiana has nine ongoing senior living projects, three in Bhiwadi (NCR), three in Chennai, and one each in Jaipur, Pune, and Lavasa. It plans to launch five new phases across existing projects this fiscal, covering approximately 5.71 lakh sq ft of saleable area. Last year, it constructed about 5.38 lakh sq ft and invested ₹213 crore in the segment.
The company recorded a booking value of ₹382 crore from senior living in FY2024–25 and is targeting ₹450 crore this year. Senior living now contributes over 30% of Ashiana’s residential portfolio.
In FY2024–25, outlay incurred by the company was ₹213 crore towards senior living, and the company also recorded a booking value of ₹382 crore.
