Listed real estate developer Ashiana Housing and Pune-based Lohia Jain Group have joined hands to come up with a premium mid-segment project, Ashiana Malhar, in Pune’s Hinjawadi region and will be investing over Rs 300 crore for the project.
The integrated residential project for all age groups will be spread across an area of over 11.33 acres and will comprise 990 residential units, of which the first phase will have 224 units.
The project will offer two-bedroom and three-bedroom apartments and the usable carpet area will range from 733 sq. ft to 1,045 sq. ft. Each tower will have 14 floors and will have stilt and open parking areas.
“The investment for construction and overheads will be in the range of over Rs 300 crore (for 11.5 lakh sq ft) project. The investment will be funded through internal accruals and advances from customers against sales. This will be in the premium mid segment market and comprise 2BHK and 3BHK formats,” said Ankur Gupta, Joint Managing Director, Ashiana Housing.
"We are launching this premium mid-income housing in Pune targeting IT professionals. This is our first project in the city," he said.
The company will develop this project in four phases and will complete it in the next five years. The land belongs to the JV partner and is fully paid.
"The project will have the advantage of being right in the heart of an IT hub in Pune. The units will be suitable for Work from Home and will be larger than the conventional size in the Pune market," he said.
Commenting on the launch of the project, Madan Jain, director, Lohia Jain Group, said, “We are happy to announce our JV with the launch of our project. We expect the project to be a unique offering and would represent the values of the two brands. The offering will serve the discerning homebuyers and investors in the region with a futuristic premium living – an indication of the matured Pune market.”
Ashiana Housing also has plans to launch one more project in Pune by January or February next year. “This would be a senior living project and will also be under the JV model,” he told Moneycontrol.
Elaborating on the company’s plans to be launched in other cities, Gupta said two more projects are planned for Chennai and Bhiwadi. The company is also planning to launch a senior living project in Delhi-NCR market.
“We are looking at two more projects in the senior living category but have not allocated any fresh capital as of now. Demand for senior living projects has been good from a growth perspective,” he added.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
