Paranjape Schemes plans to invest Rs. 200 cr in senior citizens' housing project.

The Pune-based Paranjape Schemes (Construction) Ltd. plans to invest about Rs. 200 crore to develop integrated retirement housing projects in Gujarat for senior citizens.

The construction major would also start work in Pune, this year, the world's first township to cater to the special needs of parents with children suffering with autism, Shashank Paranjape, Managing Director, said here on Tuesday.

It will be spread over an area of 10-15 acres.

In Gujarat, Paranjape Schemes, which pioneered in housing for senior citizens in India in the year 2000, is launching an affordable housing project on a 5-acre plot in village Nimeta near Vadodara with an investment of Rs. 80 crore.

It will have 413 residential apartments, the first phase of which with 150 flats will be completed by December 2016. The 1 and 2-BHK flats, with areas varying from 722 to 1,686 square feet, will be priced between Rs. 17 lakh and Rs. 30 lakh and designed to provide special needs of the elderly people.

Paranjape said the company is also planning to invest nearly Rs. 120 crore on a similar housing project for senior citizens near Ahmedabad later this year. This would be the company’s eighth project for senior citizens in India.

Recently, Paranjape Schemes has attracted Ascendas India Trust (aiTrust) to invest over Rs. 600 crore in its SPV project 'BlueRidge SEZ' in Pune over a period of two years.

He said the company currently has a land bank of 24.6 million square feet. It has so far completed over 160 projects in various segments, sold 29 million sq ft of real estate, completed 7 million sq ft and has 22 million sq ft under construction.


HBL