Ashiana Housing and Arihant Foundation & Housing are collaborating to develop a housing project for senior citizens in Chennai, with an investment of Rs.225 crore. This initiative aims to provide specialized living accommodations tailored to the needs of older adults.
The total investment is around Rs.225 crore, with an estimated sales realization of Rs.450 crore, according to the statement.
The project, named Swarang, is Ashiana's third senior living development in Chennai. Covering 10.87 acres, it is situated in the Nemmeli area of the city. Construction is anticipated to be finished within six years, according to the statement.
The development will feature 1 BHK, 2 BHK, and 3 BHK units, with sizes ranging from 912 to 1462 square feet, as well as penthouses.
Pricing for these units will be: Rs.84 lakhs to Rs.1.009 crore for 1 BHK, Rs.1.22 crore to Rs.1.46 crore for 2 BHK, Rs.1.55 crore to Rs.1.75 crore for 3 BHK, and Rs.2.08 crore for 2 BHK penthouses.
The project is designed as a low-rise, low-density development and will be completed in phases. The first phase is expected to be finished by September 2027, in accordance with RERA regulations.
Ankur Gupta, Joint Managing Director of Ashiana Housing Ltd said,"We are thrilled to announce our ninth senior housing project in India and our third in Chennai. This development is designed to address the increasing needs of Chennai's senior community, offering a luxurious and refined living experience."
Bharat Jain, director of Arihant Foundations and Housing Ltd. Mentioned,We are dedicated to addressing the rising demand for high-quality senior living communities in Chennai."
India's senior population is expected to grow significantly, with projections indicating an increase from 150 million to 230 million in the next 10-12 years. By 2050, the number of seniors in India is anticipated to reach 340 million, making up about 17% of the global elderly population.
Chennai has emerged as a major center for senior living projects, accounting for roughly 74% of the organized assisted living sector in southern India.
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