Boosting Senior Living: Ashiana Housing Aims to Double Sales
Ashiana Housing targets 1000 senior living housing units annually within four years, capitalizing on post-Covid demand surge.
Senior LivingHousingReal EstateAshiana HousingPost Covid DemandReal Estate NewsJul 09, 2024
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Ashiana Housing, founded in 1979, is a renowned real estate developer with a strong presence in India. Over the years, the company has developed several residential projects, focusing on providing quality living spaces to its customers.
Currently, Ashiana Housing reports a revenue of Rs 1,800 crore in FY 2023-24, marking a 50% increase from the previous year. The company is targeting Rs 2,000 crore for the current financial year. Ankur Gupta, Joint Managing Director of Ashiana Housing, attributes this growth to the post-Covid surge in demand for senior living facilities.
The senior living segment has witnessed a significant increase in demand, with sales rising from 200 units to 450-500 units per year. According to real estate consultant Colliers, the current availability of senior housing in India translates to a mere 1% penetration rate, indicating a huge demand-supply gap. In contrast, mature markets like the US, UK, and Australia have a 6-7% penetration rate.
India's senior living market has a long way to go, and more projects are required to increase the penetration rate. Ashiana Housing is planning to launch a luxury senior living project in Chennai this year and has already been in talks to add one project each in NCR, Panvel, and Bengaluru. Additionally, the company has planned kid-centric homes in Gurgaon and Jaipur, as well as another group housing project in Jaipur.
In India, senior living facilities are being offered by private developers through apartments and villas in two formats - independent living and assisted living. Independent living facilities are typically preferred by seniors who can manage their daily activities independently but seek the convenience of community living. The average ticket size for independent senior living in India is about Rs 1-2 crore, largely depending on the city and location.
Ashiana Housing is a listed real estate developer that has been in the industry for over 40 years. The company is known for its customer-centric approach and has developed several residential projects across India.
Frequently Asked Questions
What is Ashiana Housing's target for senior living housing sales?
Ashiana Housing aims to double its annual senior living housing sales to 1000 units within the next four years.
What is the current revenue of Ashiana Housing?
Ashiana Housing reported a revenue of Rs 1,800 crore in FY 2023-24, marking a 50% increase from the previous year.
What is the demand-supply gap in India's senior living market?
According to Colliers, the current availability of senior housing in India translates to a mere 1% penetration rate, indicating a huge demand-supply gap.
What are the two formats of senior living facilities offered in India?
Senior living facilities in India are offered in two formats - independent living and assisted living.
What is the average ticket size for independent senior living in India?
The average ticket size for independent senior living in India is about Rs 1-2 crore, largely depending on the city and location.
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