 "Ashiana Hsg, Escapade to develop project for elderly near Chennai")
Ashiana Housing has ventured into the Chennai real estate market by signing a development agreement (on revenue sharing basis) with Escapade Real Estate (a group company of Arihant Foundations & Housing and JP Morgan) for development of a project for senior citizens along with regular group housing and related amenities, across around 20 acres.
The project is part of a 45-acre township offering luxury villas, group housing and plots, and located in Maraimalai Nagar, on the outskirts of Chennai. Prices of various group housing projects in site catchment range between Rs 3,500-4,000 sq.ft.
Manish Kumar, COO - Strategic Consulting, JLL India adding that Ashiana Housing Limited will invest in development and marketing of the approximately one million sq.ft. project comprising primarily of homes for the elderly, residential and various support components, while Escapade Real Estate will bring in land as equity to this joint venture.
As per Census of India projections, the share of elders as a percentage of total population in the country will jump from 7.4 per cent in 2001 to 12.4 per cent in 2026 and touch 19.7 per cent in 2050. In 2011, India had about 76 million seniors above the age of 60 years, and this figure is expected to grow to 173 million by 2025, further increasing to about 240 million by 2050.
In South India, Chennai offers huge potential for senior living developments. Apart from its strong economy, industrial growth, infrastructural advancement and substantial demographic bas, Chennai also has strong linkages within South Indian hinterlands and offers quality social infrastructure and state-of-the-art healthcare facilities. These factors combine to make it an ideal destination for senior living projects, said Kumar.