Ashiana Housing forays into Chennai market

MUMBAI: Ashiana Housing will mark its entry into the Chennai's realty space by launching residential projects, one of them targeted at senior citizens.

The company has entered into a joint development agreement with Escapade Real Estate to develop a senior citizen living and group housing projects in the Tamil Nadu capital.

"Ashiana Housing has has signed a development agreement, on revenue-sharing basis, with Escapade Real Estate, a Group company of Arihant Foundations and Housing, for developing senior living as well as regular group housing projects," the company said today in a statement here.

"Chennai is an emerging destination for senior living homes in southern part of India and we are excited to enter this market," Ashiana Managing Director Vishal Gupta said.

The New Delhi-based realty firm currently has four retirement housing projects in its portfolio - one each in Jaipur and Lavasa in Pune and two in Bhiwadi in NCR.

The BSE-listed company has so far delivered over 118 lakh sq ft of property and has more than 97.3 lakh sq ft under development.