Ashiana housing to double its annual senior living housing sales

Ashiana Housing, a listed real estate developer, aims to double its annual senior living housing sales to 1,000 units within four years, capitalising on the post-Covid surge in demand that has already boosted sales from 200 to 450–500 units per year.The company reported revenue of Rs 1,800 crore in FY 2023–24, marking a 50% increase from the previous year, and is targeting Rs 2,000 crore for the current financial year.“There is a huge gap between demand and supply, and no developer is ready to move into an apartment in the senior living category. The segment has now been accepted by all, but southern markets are more mature,” said Ankur Gupta, joint managing director of Ashiana Housing.According to real estate consultant Colliers, with close to 20,000 units in the organised sector, the current availability of senior housing in India translates to a 1% penetration rate, indicating a huge demand-supply gap.In contrast, countries like the US, UK, and Australia, have established senior living markets with a 6-7% penetration rate. Moreover, a lower population base also means a significantly smaller demand-supply gap in these mature markets.“India has a long way to go, and more projects are required to increase the penetration rate. We have already been in talks to add one project each in NCR, Panvel, and Bengaluru,” Gupta said.In the current financial year, the company plans to launch a luxury senior living project in Chennai. Ashiana has developed eight mid-segment senior living projects and, for the first time, is entering the luxury segment.”Additionally, we have planned kid-centric homes in Gurgaon and Jaipur, as well as another group housing project in Jaipur. We plan to add another 3 million sq ft of development opportunity in the portfolio,” said Gupta.In India, senior living facilities are being offered by private developers through apartments and villas in two formats–independent living and assisted living.Independent living facilities are typically preferred by seniors who can manage their daily activities independently but seek the convenience of community living.The average ticket size for independent senior living in India is about Rs 1-2 crore, largely depending on the city and location.Currently, there are very few developers focusing on the senior living segment in India. Some of the major organised developers include Columbia Pacific, Paranjape, Antara, and Primus Senior Living. Southern cities have a significant concentration of the supply side, leaving substantial room for growth and development in other parts of the country.



Source link