The land located in Gurgaon will be used to develop a high-rise children-centric residential project.
The land with a development potential of 21 lakh sq ft will mark Ashiana Housing’s foray in the Gurgaon real estate space.
The firm plans to develop over 1200 units—1750 and 1800 sq. ft—over the next 4-5 years.
He, however, refused to share the exact deal value.
Real estate consultancy firm Shearwater Ventures brokered the deal.
The deal holds significance as most 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 sft of projects under development across Chennai, Jamshedpur, Jaipur and NCR. The firm also has 6 mn sft of projects in the pipeline.
“The sales had slowed down in April and May but we see a revival starting June,” said Gupta.