The Delhi-based Ashiana Housing Ltd has partnered with the Chennai-based Arihant Foundations & Housing to launch Swarang, a senior living project, on the East Coast Road. The ₹250-crore project is coming up in 10.87 acres at Nemmeli, located in between Chennai and Mamallapuram.
This is the second project in Chennai between the two partners - the first being Ashiana Subham at Maraimalai Nagar, about 40 km south of the city. On its own, Asiana has built a senior living project inside the Mahindra World City.
Ankur Gupta, JMD, Ashiana Housing Ltd, told newspersons that it was the company’s ninth senior housing project in India. After Kerala, Tamil Nadu has the largest population of senior population, he said.
Chennai is a key hub for senior living projects, contributing about 74 per cent to the organised assisted living segment in Southern India. The city, along with Bengaluru and Coimbatore, plays a crucial role in meeting this demand, driven by factors like higher affordability, the growing acceptance of nuclear family structures and availability of trained healthcare staff, he said.
Bharat M Jain, Director, Arihant, told newspersons that the two partners will equally share the investment, including land cost. The bookings will start in October. The project will have a total of 451 units. Of this, in the first phase, 134 units will be ready in 30 months, he said. People aged 55 and above will be allowed to stay at Swarang, he added.
The development will offer a select number of exclusive units, including 1 BHK (Bedroom, Hall & Kitchen), 2 BHK, and 3 BHK options, ranging from 912 to 1,462 sq ft, and luxurious Penthouses. The price range for these units is as follows: ₹84 lacs - ₹1 crore for 1 BHK; ₹1.22 crore to - ₹1.46 crore for 2 BHK, ₹1.55 crore to ₹1.75 crore for 3 BHK, and ₹2.08 crore for 2 BHK penthouses, says a release.
The stock price of Ashiana Housing on the NSE closed at ₹349.90, down by 5.78 per cent.