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Ashiana Housing, a prominent player in the real estate sector, has unveiled its ambitious plan to invest INR 400 crore in the development of Ashiana Vatsalya, a specialized residential project catering exclusively to senior citizens in Chennai. This announcement signifies the company's commitment to addressing the growing demand for senior housing solutions across the nation and specifically in Chennai, marking its eighth venture in this sector nationwide and second in the vibrant city of Chennai.
Joint Managing Director of Ashiana Housing, Ankur Gupta, revealed that the investment for the Ashiana Vatsalya project will primarily stem from internal resources, bolstered by additional financial support from a loan facility carrying an interest rate ranging from 8-10%. This blend of internal financing and strategic borrowing reflects the company's prudent financial management and confidence in the project's potential for success.
The Ashiana Vatsalya project is strategically located within Mahindra World City, sprawling across an impressive 17.9 acres of land, and operates under a perpetual lease agreement. This prime location ensures convenient access to essential amenities and services, fostering a comfortable and enriching lifestyle for its future residents.
Ashiana Vatsalya stands out with its exceptional features. Most notably, 66% of the flats will have three open sides, ensuring excellent ventilation and natural light. Moreover, 55% of the flats will offer stunning views of the nearby lake, enhancing the tranquil atmosphere for residents. It prioritizes holistic living by providing cultural, recreational, and wellness facilities for seniors and their families. The project draws from the company's past successes, having sold out 900 units in previous ventures.
The development timeline for Ashiana Vatsalya spans over eight years, meticulously divided into five phases. Each phase is anticipated to take approximately 2 to 2.5 years for completion, adhering to rigorous quality standards and meticulous attention to detail. The inaugural phase of the project is poised to offer 258 meticulously crafted residential units, tailored to meet the unique needs and preferences of senior citizens.
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