Realty firm Ashiana Housing will invest around Rs 350 crore over the next five years to develop a housing project in Pune as part of its expansion plan. The company has tied up with Pune-based Lohia Jain Group, which owns 11.33 acre land in Hinjewadi region.
The project 'Ashiana Malhar' will have 990 residential units. The first phase comprises 224 units.
''We are launching a mid-income housing in Pune targeting IT professionals. This is our first project in the city,'' Ashiana Housing Joint Managing Director Ankur Gupta told PTI.
The company will develop this project in four phases, he said, adding that the project would be fully completed in the next five years.
Asked about the project cost, Gupta said the land belongs to the JV partner and is fully paid.
''We will invest Rs 300-350 crore on construction of the entire project and other related expenses,'' he added.
The investment will be funded through internal accruals and advances from customers against sales.
Gupta informed that the Lohia Jain group will get 32 per cent of the total revenue earned from this project.
''With the advantage of being in the neighbourhood of IT companies, there will always be a demand for quality housing. Moreover, the recent shift toward the 'Work from Home' model and the need for a hybrid work culture demands work-centred, smart homes,'' he said.
Madan Jain, Director, Lohia Jain Group, said the project would represent the values of the two brands.
Ashiana Housing Ltd, which is listed on the stock exchanges, is a mid-income housing developer with a primary focus on offering a premium lifestyle at accessible prices across its 50+ projects in the space of senior living, comfort homes, and kid-centric homes.
With a presence across nine cities in India, Ashiana Housing has constructed and delivered over 23 million square feet serving over 15,000-plus happy families.
The Lohia Jain Group is a construction company in Pune.
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