The site in Gurgaon will be utilised to build a high-rise residential project geared toward youngsters. Ashiana Housing will enter the Gurgaon real estate market with this site, which has a development potential of 21 lakh sq ft. Around the next 4-5 years, the company expects to build over 1200 units, ranging in size from 1750 to 1800 square feet.

In a deal worth over Rs. 200 crore, Ashiana Housing purchased a 22-acre land tract in Gurgaon’s sector 93 from Ramprastha Group.

The site in Gurugram will be utilized to build a high-rise residential project geared toward youngsters.

Ashiana Housing will enter the Gurugram real estate market with this site, which has a development potential of 21 lakh sq. ft.

Around the next 4-5 years, the company expects to build over 1200 units, ranging in size from 1750 to 1800 square feet.

“The transaction was funded by internal accruals, issue of debentures to the International Finance Corporation, and bank debt,” Ashiana Housing’s Varun Gupta explained.

He, on the other hand, declined to say how much the trade was worth.

Shearwater Ventures, a real estate consulting business, arranged the deal.

The purchase is significant because, rather than investing in land, most funds and builders are increasingly opting for a cooperative development approach to acquire assets.

Ashiana Housing, a renowned developer of senior citizen buildings, currently has roughly 4 million square feet of projects under construction in Chennai, Jamshedpur, Jaipur, and the National Capital Region. In addition, the firm has 6 million square feet of projects in the works.

“Sales had slowed in April and May, but we are seeing a comeback starting in June,” Gupta added.

Source: Indiatimes