Real estate firm Ashiana Housing and Arihant Foundation & Housing have partnered to develop a housing project for senior citizens in Chennai with an investment of ₹ 225 crore, the company said in a statement. The total investment of approximately ₹ 225 crore and sales realization is estimated to be ₹ 450 crore, it said. The project is called Swarang and is Ashiana's third senior living project in the city.
It spans 10.87 acres and is located in the Nemmeli area of Chennai, the statement said. The construction of the project is expected to be completed within six years, it said.
The development will offer 1 BHK, 2 BHK, and 3 BHK housing options, ranging from 912 to 1462 square feet, as well as penthouses. The price range for these units is as follows: ₹ 84 lakhs - 1.009 crore for 1 BHK, ₹ 1.
22 crore to ₹ 1.46 crore for a 2 BHK, ₹ 1.55 crore to ₹ 1.
75 crore for a 3 BHK, and ₹ 2.08 crore for 2 BHK penthouses. Also Read: South Indian states, including Bengaluru, lead with 62% share of the senior living housing segment Designed as a low-rise, low-density project, it will be completed in phases, with the first phase scheduled for completion by September 2027, as per RERA regulations.
“We are excited to launch our ninth senior housing project in India and third in Chennai. It is set to meet the growing needs of Chennai's senior community with a luxury of sophisticated living,” said Ankur Gupta, Joint Managing Director of Ashiana Housing Ltd. “We are dedicated.