Ashiana Housing Intends To Make A 650–700 Crore Investment In 2023-2024

Ashiana Housing

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Ashiana Housing intends to invest between Rs 650 and Rs 700 crore in both land and building in the fiscal year 2023–2024. Its goal for Financial Year 2024 is to book an area worth Rs 1,500 crore.

Throughout the following three years, the business plans to add an additional 7-8 million square feet. Our objective for this financial year (FY24) is Rs 1,500 crore, compared to our area booking of Rs 1,313 crore in the previous financial year (FY23).

We completed area booking of over Rs 752 crore in the first half of FY24, so we are almost halfway there. Given the way the market is reacting; we are very optimistic that we will be able to reach our goals.

How Many Projects Do You Launch In The Financial Year 2024?

There will be two launches in Chennai, three in Jaipur, and phase launches in Gurugram, Bhiwadi, and other cities.

In H1 FY24, we launched approximately 1.5 million square feet, and we expect to launch another 1.5 million square feet in the second half of 2024.

Our guidance for this fiscal year is to deliver approximately 2.4 million square feet, with approximately 1.2 million square feet already delivered in H1 FY24. In the first half of fiscal year 24, we recorded revenue of Rs 423 crore.

What Is the Investment Strategy for the Current Fiscal Year?

Over the next 5-5.5 years, we plan to sell more than Rs 12,000 crore in inventory. Internal accruals and customer advances will fund the majority of our expansion.

The total amount of land and construction investments we will make this fiscal year should be in the range of Rs 650-700 crore. Over the next three years, we plan to invest approximately Rs 500 crore of our own money in land acquisition.

IFC has provided us with Rs 225 crore in funding, of which Rs 112 crore has been committed but has yet to be used.

How Much Land Parcels Do You Own?

They have a sellable inventory of about 10 million square feet and we are looking to add another 7-8 million square feet over the next three years. We want to go deeper in the cities that we have a significant presence in, i.e. Gurugram, Pune, Chennai, Jaipur, Jodhpur Jamshedpur and Bhiwadi.

We will though be looking to raise our presence in senior living segment in cities like Bengaluru, Mumbai, Pune and Hyderabad. In senior living segment we are already present in cities like Jaipur, Bhiwadi, Pune, Lavasa and Chennai.

What Is Your Typical Price Realisation?

Our average price realisation in the previous fiscal year was Rs 5,080 per sq ft, and our average price realisation in this fiscal year is around Rs 6,100 per sq ft.

Growth has been faster than expected. I believe the market has played out well, and we have also been able to improve our product offering in order to command a higher price.

We launched a new project in Jamshedpur at Rs 5,100 per square foot, while prices in Jaipur range from Rs 4,000-6,000 per square foot and in Bhiwadi from Rs 3,500-5500 per square foot.

Which Home Segments Do You Have A Presence In?

We have divided our products into three categories: premium homes, senior living homes, and kid-centric homes. Across all segments, our homes are priced between Rs 40 lakh and Rs 2.5 crore.

We will focus on all three segments, but the opportunity to grow in senior living appears to be much greater because there is less competition and it requires specific expertise that we have.

We are ahead of the curve in terms of learning. The opportunity to grow this business is greater, and the margins are also higher (an additional 5-7% margin).


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