Ashiana Housing to invest Rs 750 crore on new projects
The Delhi-based firm would develop over 2,800 apartments in these four projects
Dec 08, 2014
Source : The Economic Times


NEW DELHI: Realty firm Ashiana Housing today said it will invest about Rs 750 crore in the next 3-4 years to develop four new housing projects in Haryana and Rajasthan.

Ashiana Housing, which focuses on the development of homes for senior citizens, has planned four new housing projects at Jaipur, Bhiwadi, Sohna-Gurgaon and Neemrana, its Managing Director Vishal Gupta said.

The Delhi-based firm would develop over 2,800 apartments in these four projects.

"We are launching four housing projects in the second half of this fiscal, of which one would be for senior living. The total project cost would be about Rs 750 crore and the same would be funded through internal accruals," Gupta said.

The projects would be delivered in the next four years. Elaborating on the upcoming projects, Gupta said the company would develop 780 flats in a 13-acre housing project at Sohna-Gurgaon at a cost of about Rs 400 crore.

In Jaipur, Ashiana Housing will invest about Rs 180 crore to develop a 14-acre housing project comprising 1,100 flats.

That apart, the company would construct 650 homes for senior citizens in Bhiwadi at a cost of Rs 130 crore and over 300 apartments at Neemrana at Rs 60 crore cost.

Ashiana Housing, which is listed on BSE and NSE, posted a net profit of Rs 13.82 crore over a revenue of Rs 30.35 crore during the second quarter of this fiscal.

Gupta said the company is likely to achieve sales booking of over 2.2 million sq ft and construct 2.3 million sq ft area this fiscal.

Ashiana Housing has presence in Jaipur, Bhiwadi, Jodhpur, Neemrana, Sohna-Gurgaon, Jamshedpur, Halol in Gujarat and Lavasa township near Pune. It has also tied up for a project in Kolkata as well, but is waiting for approvals.

Last week, it announced foray into the Chennai property market to develop a housing project, including homes for senior citizens, in a tie-up with a local developer.

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