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 to addressing the rising demand for high-quality senior living communities in Chennai," said Bharat Jain, director of Arihant Foundations and Housing Ltd.
Also Read: MahaRERA unveils framework to regulate senior citizen housing Senior living segment in India India's senior population is projected to grow substantially, with estimates predicting an increase from 150 million to 230 million over the next 10-12 years. By 2050, India is expected to be home to 340 million seniors, constituting around 17% of the global elderly population. Chennai has become a key hub for senior living projects, contributing about 74% to the organized assisted living segment in southern India.
Established in 1979 and headquartered in New Delhi, Ashiana Housing Ltd has over 50 projects across senior living, premium homes, and kid-centric homes. It has a presence in nine cities, having delivered over 23 million square feet and served more than 15,000 families, the statement said Also Read: Corporation to invest ₹ 5,600 crore to develop a branded residences project in Gurugram.
