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Realty developer Ashiana Housing is set to invest over Rs 275 crore in developing a senior living project spread across 11.93 acres in Pune's Talegaon locality. This marks the company's second project in Pune, bringing its total investment in both projects to Rs 7575 crore. The first project, Ashiana Malhar, situated near Pune's Hinjewadi, has already commenced with an investment of around Rs 300 crore.
The new senior living project aims to cater to the growing demand for retirement communities, with changing societal norms and an increasing acceptance of senior living. Ankur Gupta, Joint Managing Director of Ashiana Housing, highlighted the importance of providing retirees with ample space to enjoy their time freely and peacefully. Pune was specifically chosen as the project's location due to its moderate climate throughout the year, which is particularly favorable for seniors who prefer milder weather conditions.
The target demographic for the project is individuals aged 55 and above. The first phase will consist of 220 units, ranging in price from Rs 57 lakhs to Rs 1.27 crore, with usable areas between 637 sq ft to 1,122 sq ft. The project will be executed in multiple phases, with the first phase scheduled for delivery by October 2026. The company plans to fund the project through internal accruals and construction finance.
Ashiana Housing has already undertaken six senior living projects in various locations, including the National Capital Region, Jaipur, Lavasa, and Chennai. The company has identified senior housing as one of its focus areas and currently operates five senior living projects. The goal is to expand the portfolio to a total of nine projects in the near future, in line with the growing demand for senior living options.
The demand for senior living projects has been steadily increasing due to changing demographics and the rising population of senior citizens. With advancements in medical facilities and increased life expectancy, there is a need for specialized housing options that cater to the unique requirements of senior citizens. Ashiana Housing aims to meet this demand by providing high-quality senior living communities that offer comfort, convenience, and a sense of community for retirees.
It is worth noting that Ashiana Housing's foray into Pune's senior living market showcases its commitment to expanding its presence and addressing the evolving needs of retirees in different regions of the country. By investing in this sector, the company aims to contribute to the overall development of senior living infrastructure in India and enhance the quality of life for seniors in their golden years.
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