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Ashiana Housing has acquired nearly 23 acres of land on a perpetual lease within Mahindra World City, Chennai, from Mahindra World City Developers, a subsidiary of Mahindra Lifespace Developers. The land, located beside its existing project Ashiana Vatsalya, will be used for a senior living development with a potential saleable area of 15 lakh sq ft and estimated revenue of INR 1,200 crore. The company has also reported strong sales growth in the recent fiscal quarter.
Ashiana Housing announced that it has acquired a land parcel measuring 22.71 acres within Mahindra World City in Chennai on a perpetual lease basis. The transaction was executed with Mahindra World City Developers Ltd, a subsidiary of Mahindra Lifespace Developers Ltd. Advertisement
The Delhi-based real estate developer stated that the land is located adjacent to its ongoing senior living project, Ashiana Vatsalya, and is earmarked for a new senior living development comprising villas and apartments. The project is expected to cover around 15 lakh sq ft of saleable area, carrying a sales potential of nearly INR 1,200 crore.
Ashiana Housing currently has nine projects under development, spread across Bhiwadi in NCR, Chennai, Jaipur, Pune, and Lavasa. The company further indicated plans to expand into other major metropolitan markets such as Bengaluru and Mumbai.
The firm?s sales performance has shown considerable improvement, with sales bookings rising by 83 per cent to INR 430.97 crore during the first quarter of the ongoing fiscal year, compared to INR 235.32 crore in the same period a year ago. In terms of volumes, the company sold 5.95 lakh sq ft of space during the April-June quarter, up from 4.42 lakh sq ft recorded in the corresponding period of the previous year.
In the preceding fiscal year, Ashiana Housing achieved property sales worth INR 1,936.75 crore, highlighting its strong market position in the Indian real estate sector.
With substantial sales potential from the newly acquired land and a notable rise in sales bookings, the company appears well-positioned to strengthen its foothold in key urban centres. Its diversification into cities like Bengaluru and Mumbai further underlines its ambitions for broader national presence and sustained growth.
Source - PTI
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