Ashiana Hsg, Escapade to develop project for elderly near Chennai.

Ashiana Housing Limited and Escapade Real Estate have signed a joint venture agreement for the development of a project for senior citizens in Chennai. International property consultancy JLL India has structured the agreement.

Ashiana Housing has ventured into the Chennai real estate market by signing a development agreement (on revenue sharing basis) with Escapade Real Estate (a group company of Arihant Foundations & Housing and JP Morgan) for development of a project for senior citizens along with regular group housing and related amenities, across around 20 acres.

The project is part of a 45-acre township offering luxury villas, group housing and plots, and located in Maraimalai Nagar, on the outskirts of Chennai. Prices of various group housing projects in site catchment range between Rs. 3,500-4,000 sq.ft.

Manish Kumar, COO - Strategic Consulting, JLL India adding that Ashiana Housing Limited will invest in development and marketing of the approximately one million sq.ft. project comprising primarily of homes for the elderly, residential and various support components, while Escapade Real Estate will bring in land as equity to this joint venture.


bs