Ashiana Housing to sell 11 acres land in Jodhpur, buys an acre in Alwar

MUMBAI: Realty firm Ashiana Housing has entered into an agreement to sell a land parcels spread over 10.92 acres at Jodhpur in Rajasthan, the company informed Bombay Stock Exchange. Ashiana had earlier acquired this land parcel in 2007. However, it has now decided to sell the land parcel due to absence of proper access to the land that would remained undevelopable for the near term.

In a separate transaction, the company has acquired a land parcel measuring over an acre at Alwar district in Rajasthan. Ashiana has acquired this land parcel in an auction conducted by Urban Improvement Trust, Bhiwadi.

Ashiana is planning to utilize the land parcel develop a residential project comprising of 4 & 5 bedroom apartments with retail units on the ground floor. The total saleable area in this project will be approximately 120,000 sq ft, Ashiana said in a separate filing on stock exchange. The Company plans to receive the requisite approvals in the next three months and start development thereafter.

Last month, Ashiana entered into a partnership with Manglam Group for the development of 31 Acres of land situated at village Manpur in Jaipur. The land will be utilized to develop a residential project comprising of Villas & G+4 developments with a total saleable area of approximately 1.3 to 1.5 million sq ft.

On Friday, shares of Ashiana Housing closed at Rs 165.50, on Bombay Stock Exchange, up 1.2% from Thursday's close.