Ashiana Hsg to invest over Rs 400 cr to develop senior living and kid-centric housing units

Ashiana Housing plans to invest Rs 400-450 crore in developing senior living and kid-centric housing units across multiple cities as Covid-19 has shifted demand toward housing societies with special amenities.

The company plans to add projects in Chennai, Pune, Bhiwadi and Gurgaon, in addition to a few mid-income housing projects in tier 2 cities, said Ankur Gupta, joint managing director, Ashiana Housing.

"We have developed 3,000 units of senior living in 15 years, but in 2022, we are going to launch 3,500, which itself suggests demand for special-care homes," Gupta said.

The company is adding two projects in Chennai, a JV is in place for Pune, and construction on another project in Bhiwadi is in the works.

"There is already pent-up demand for such housing," Gupta added.

In total, the company is expected to start construction of 1.6 to 1.8 million sq ft in 2022, with a focus on senior living.

"We have a challenge of offering ready-to-move inventory. The projects we are launching this year will be completed in 5 years,” he said.

According to property experts, post-covid, non-traditional forms of real estate assets like data centers, healthcare, life sciences educational institutions, senior living, co-living, and student housing have become increasingly popular.

Ashiana said the demand for senior living in the wake of the pandemic has increased as the elderly are concerned about health issues.

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

Senior living residences have witnessed an increase in demand after two waves of Covid-19, as a younger set of people are now booking these facilities.

While the demand for under-construction facilities has doubled, there is a waiting period for ready-to-occupy projects as most of the units were sold during the second wave of Covid-19.

The majority of the elderly population, despite their financial resources, had been left to manage without house help or to deal with medical emergencies during the pandemic. This pushed many people in this age group to seek a house in a senior living facility.