"Ashiana Housing and Arihant Foundations Launch Senior Living Project in Chennai"

Delhi-based Ashiana Housing Ltd has teamed up with Chennai's Arihant Foundations & Housing to launch Swarang, a new senior living project on East Coast Road. The ₹250-crore development will span 10.87 acres in Nemmeli, situated between Chennai and Mamallapuram.

This marks the second collaboration between Ashiana and Arihant in Chennai, following their previous project, Ashiana Subham, located about 40 km south of the city. Ashiana has also developed a senior living community within Mahindra World City.

Ankur Gupta, Joint Managing Director of Ashiana Housing Ltd, stated that Swarang is the company’s ninth senior housing project in India. He highlighted that Tamil Nadu, after Kerala, has the largest senior population in the country. Gupta noted that Chennai is a major hub for senior living projects, contributing 74 percent to the organised assisted living segment in Southern India. The city's demand for such projects is driven by higher affordability, the rise of nuclear families, and the availability of trained healthcare staff.

Bharat M Jain, Director of Arihant Foundations, revealed that the investment, including land costs, will be shared equally between the two partners. Bookings for Swarang will open in October. The project will feature a total of 451 units, with the first phase offering 134 units expected to be ready in 30 months. The development will cater to individuals aged 55 and above.

Swarang will offer a variety of unit types, including 1 BHK, 2 BHK, and 3 BHK apartments, as well as luxurious penthouses. Unit sizes will range from 912 to 1,462 sq ft. Pricing for these units will be as follows: ₹84 lakh to ₹1 crore for 1 BHK; ₹1.22 crore to ₹1.46 crore for 2 BHK; ₹1.55 crore to ₹1.75 crore for 3 BHK; and ₹2.08 crore for 2 BHK penthouses, according to the release.

HBL