Ashiana Housing Signs 20 acre Joint Venture Deal in Chennai with Escapade Real Estate

Ashiana Housing Signs 20 acre Joint Venture Deal in Chennai with Escapade Real Estate

Ashiana Housing Partners with Escapade Real Estate for a Senior Living Project in Chennai. Ashiana Housing Limited, a real estate developer specializing in senior living homes, has partnered with Escapade Real Estate Pvt. Ltd. to develop a new project in Chennai. Ashiana Housing Signs a 20-acre Joint Venture Deal in Chennai with Escapade Real Estate near marai malai nagar, Chennai to develop a senior living project in Chennai as well as a group housing project.

Project Highlights:

• Project Name: Ashiana Shubham
• Investment: Rs 180-200 crore
• Expected Revenue: Rs 350 crore
• Location: Maraimalai Nagar, Chennai (part of Villa Viviana township)
• Land Area: Around 20 acres out of a 45-acre township
• Number of Units: 800 units
• Unit Pricing: Rs 25-50 lakh
• Project Start Date: Expected to begin by November 2024

Partnership Details:

• Ashiana Housing will handle development, marketing, and management of the project.
• Escapade Real Estate (JV between Arihant Group and JP Morgan Property Fund) will contribute land as equity.
• A revenue sharing model is established for unit sales.

Significance:

• This project marks Ashiana Housing’s entry into the Chennai market.
• It expands their senior living portfolio, adding to existing projects in Bhiwadi, Jaipur, and Pune.
• The project caters to the growing demand for senior living facilities in India.

Additional Information:

• Ashiana Housing has five projects planned for launch in 2024, including two senior living projects.
• Ashiana Maintenance Service, a subsidiary, will manage the maintenance of the retirement homes.

This news signifies Ashiana Housing’s strategic expansion into Chennai’s senior living market. The partnership with Escapade Real Estate leverages their land expertise and Ashiana’s experience in developing and managing senior living communities.

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in