Ashiana Housing to Invest INR 400 Cr to Develop Senior & Kid-Centric Housing

Ashiana Housing plans to invest Rs 400-450 crore in developing senior living and kid-centric housing units across multiple cities as Covid-19 has shifted demand toward housing societies with special amenities. The company will add projects in Chennai, Pune, Bhiwadi and Gurgaon, in addition to a few mid-income housing projects in tier 2 cities, said Ankur Gupta, joint managing director, Ashiana Housing. "We have developed 3,000 units of senior living in 15 years, but in 2022, we are going to launch 3,500, which itself suggests demand for special-care homes," Gupta said. The company is adding two projects in Chennai, a JV is in place for Pune, and construction on another project in Bhiwadi is in the works.In total, the company is expected to start construction of 1.6 to 1.8 million sq ft in 2022, with a focus on senior living. "We have a challenge of offering ready-to-move inventory. The projects we are launching this year will be completed in 5 years,” he said. Ashiana said the demand for senior living in the wake of the pandemic has increased as the elderly are concerned about health issues. The company has projects in nine cities across India and has constructed and delivered over 23 million sq. ft.