Ashiana Housing plans high-rise towers in Gurgaon

Ashiana Housing has bought a 22-acre land parcel in sector 93 of Gurgaon to build a high-rise children-centric residential project. The land with a development potential of 21 lakh sq ft will mark Ashiana Housing's foray into the Gurgaon real estate space. The firm plans to develop over 1200 units—1750 and 1800 sq. ft—over a period of time. Varun Gupta of Ashiana Housing informed that the acquisition has been funded through internal accruals and issuance of debenture to International Finance Corporation and bank debt. Real estate consultancy firm Shearwater Ventures brokered the deal, which holds significance as more and more funds and builders are now opting for a joint development model to acquire assets rather than investing in land. Ashiana Housing, a leading player in the development of senior citizen projects, currently has around 4 mn sqft of projects under development across Chennai, Jamshedpur, Jaipur and in the NCR. It also has 6 mn sqft of projects in the pipeline.