Ashiana Housing partners with IFC for residential projects
Ashiana Housing Limited has entered into an agreement with International Finance Corporation (IFC) which is a part of World Bank Group to co-invest in upcoming affordable and middle-income residential projects which will include senior-living projects. The total investment will be of Rs. 375 crores, of which 60 per cent, Rs. 225 crores will be contributed by Ashiana Housing and the remaining 40 per cent, Rs. 150 crores will be provided by IFC on project to project basis. The investment of IFC will be in the form of non-convertible debentures for some identified projects.
Earlier in February, Ashiana Housing announced its plan of investing Rs. 500 crores to develop kid-centric projects in Jaipur and Gurgaon over the next five years. The company has already invested Rs 500 crores and is looking forward in spending Rs. 500 crores more for these projects.
Thus, Ashiana Housing will be seen to cover all categories of projects including affordable housing, senior-living and kid-centric projects. As of the end of December 2017, as stated by the company, it has around 79.89 lakhs sq.ft. of land bank available for future development with a saleable area of around 64.63 lakhs sq.ft. for comfort homes and senior living projects.
The company’s stock has recorded 52-week high of Rs. 250.35 and 52-week low of Rs. 151. The 52-week low was hit on Wednesday.