Ashiana Housing inks JV for realty project, eyes Rs 300 cr sale

Realty firm Ashiana Housing has tied up with a local builder in Jaipur for the development of a new housing project with an estimated sales realisation of more than Rs 300 crore.

Ashiana Housing, the Delhi-based company, which focuses on development of housing projects for senior citizens, would construct 650 flats in this project near Jaipur City, sources said. This would be the company's eighth project in Jaipur.

The local developer would provide land for the project.

Ashiana Housing could generate more than Rs 300 crore of sales from this project based on the current market price, they added.

The project is expected to be launched by end of this year after obtaining necessary approvals.

Ashiana Housing said in a regulatory filing that it has "entered into a development agreement, for development of regular group housing project on piece of land measuring 8.838 acres situated at village Keshopura, Ajmer Road, Tehsil Sanganer, Jaipur (Rajasthan)."

The entire project will have a total saleable area of 9 lakh sq ft.

Ashiana Housing had last year raised Rs 200 crore from global investors Goldman Sachs and Creador through its qualified institutional placement (QIP) issue.

Last year, the company tied up with Bengaluru-based Shriram Properties to develop a housing project in Kolkata.

With skyrocketing land prices, many real estate companies, including Tata Housing and Godrej Properties, are partnering with the land owners or small local builders to develop projects.

Ashiana Housing has projects in Jaipur, Bhiwadi, Sohna-Gurgaon, Neemrana, Chennai, Kolkata and Jamshedpur. That apart, it is developing houses in Lavasa township project.