[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
Ashiana Housing Limited has entered into a joint venture with Arihant Foundations and Housing Ltd to develop a senior living project in Chennai, with an investment of Rs 225 crore. This will be Ashiana’s third senior living project in the city, reflecting the increasing demand for premium senior housing options in Chennai.”The project will meet the growing needs of Chennai’s senior community with a luxury of sophisticated living,” said Ankur Gupta, Joint Managing Director of Ashiana Housing Ltd. The company expects Rs 450 crore revenue from the project.The development will offer 1 BHK, 2 BHK, and 3 BHK options, ranging from 912 to 1462 square feet, as well as Penthouses. The project is expected to be completed in phases, with the first phase scheduled for completion by September 2027, as per RERA regulations.”We are dedicated to addressing the rising demand for high-quality senior living communities in Chennai,” said Bharat Jain, Director of Arihant Foundations & Housing Ltd.India’s senior population is projected to grow substantially, with estimates predicting an increase from 150 million to 230 million over the next 10-12 years. By 2050, India is expected to be home to 340 million seniors, constituting around 17% of the global elderly population. This demographic shift underscores the need for comprehensive senior living solutions.Chennai has become a key hub for senior living projects, contributing about 74% to the organized assisted living segment in southern India. The city, along with Bengaluru and Coimbatore, plays a crucial role in meeting this demand, driven by factors such as higher affordability, the growing acceptance of nuclear family structures, and the availability of trained healthcare staff.Ashiana Housing is the largest senior living project chain in the country, with over 2,500 seniors enjoying life across Bhiwadi (Delhi-NCR), Chennai, Lavasa and Pune. In the financial year 2023-24, the company achieved a revenue of Rs 1,800 crore and is expected to reach Rs 2,000 crore in the current financial year.
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