Ashiana Housing forms JV for a residential project in Pune, to invest Rs 300cr

Delhi-based listed real estate developer Ashiana Housing has formed a joint venture with Pune-based Lohia Jain Group for a premium residential project on 11.33 acre land with the investment of Rs 300 crore, Ankur Gupta, JMD, Ashiana Housing told ET.

Ashiana Housing has entered into a revenue sharing agreement with the Pune-based group.

“With this project, we are expanding our footprint and presence in metro city Pune. We have crafted these apartments keeping in mind the needs of modern living,” Gupta said.

Pune’s residential real estate market offers affordable to mid-income to high-end luxury real estate options. Several micro-markets in the city, including the Hinjawadi region, have witnessed capital value appreciation in recent years.

Expected revenue from the project is Rs 600-650 crore and it is expected to be completed in five years.

“With the advantage of being in the neighbourhood of IT companies, there will always be a demand for quality housing. Moreover, the recent shift toward the “Work from Home” model and the need for a hybrid work culture demands work-centered, smart homes,” Gupta said.

The project will offer a total of 990 residential units. Phase I of the project will comprise 224 spacious units.

The project will offer two-bedroom and three-bedroom apartments, where the usable carpet area ranges from 733sq. ft to 1045sq. ft. Each tower will have 14 floors and will have stilt and open parking.

“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,” said Madan Jain, Director, Lohia Jain Group.

According to Anarock Property Consultants, residential sales in Pune for the period Jan-Mar 2022 stood at 14,000 mark. The city’s housing sales showcased a quarterly growth of 17% and on a yearly basis, there has been 33% jump.

“In terms of the micro market sale, North Pune and West Pune that host numerous IT/ITeS and manufacturing establishments, steered the sales volume in Q1 2022, contributing 34% and 33% respectively to the total sales of Pune. East Pune registered nearly 21% of the home sales, with the lowest being South Pune- contributing 11% of the total sales,” said Aditi Watve, City Head -Pune, Anarock Group.

A healthy supply of residential options across categories and an established infrastructure makes the area a sought after investment destination. The past two years have shifted the focus of the market to build more work- and wellness-centered smart homes.

In addition to this project, Ashiana Housing plans to invest Rs 400-450 crore in developing senior living and kid-centric housing units across Chennai, Bhiwadi and Gurgaon, in addition to a few mid-income housing projects in tier 2 cities.

The company has projects in nine cities across India and has constructed and delivered over 23 million sq. ft.