Realty firm Ashiana Housing has tied up with a local builder in Jaipur for the development of a new housing project with an estimated sales realisation of over Rs 300 crore.
Ashiana Housing, which focuses on the development of housing projects for senior citizens, would construct about 650 flats in this project near Jaipur city, sources said.
The local developer would provide land for the project. Ashiana Housing could generate over Rs 300 crore of sales from this project based on the current market price, they added.
The project is expected to be launched by the end of this year after obtaining necessary approvals.
Ashiana Housing said in a regulatory filing that it has "entered into a development agreement, for the development of regular group housing project on a piece of land measuring 8.838 acres situated at village Keshopura, Ajmer Road, Tehsil Sanganer, Jaipur (Rajasthan)." The entire project will have a total saleable area of about 9 lakh sq ft.
This would be the company's eighth project in Jaipur. Ashiana Housing had last year raised Rs 200 crore from global investors Goldman Sachs and Creador through its qualified institutional placement (QIP) issue. Last year, the company had tied up with Bengaluru-based Shriram Properties to develop a housing project in Kolkata.
With skyrocketing land prices, many real estate companies, including Tata Housing and Godrej Properties, are partnering with the landowners or small local builders to develop projects.
The company has projects in Jaipur, Bhiwandi, Sohna-Gurgaon, Neemrana, Chennai, Kolkata and Jamshedpur.
At 1353 hours, the shares of Ashiana Housing were trading up 1.65% or Rs 2.10 at Rs 129.15 per scrip intraday on the BSE.
