Varun Gupta, Director, Ashiana Housing Ltd

"We will develop 6 mn sq.ft. and possess 10-12mn sqft of additional saleable area for future projects."

Aug 03, 2015 05:08 IST IIFL

Varun Gupta, Ashiana Housing Ltd
Varun Gupta, Director, Ashiana Housing Ltd is a Bachelor in Science from Stern School of Business, New York University (USA). He majored in Finance and Management and then joined Citigroup in Commercial Mortgage Backed Securities where he was underwriting commercial real estate. For the last seven years he is with Ashiana.
 
Ashiana Housing
Ashiana Housing Limited is known for its timely deliveries and unmatched construction quality. Ashiana Housing, a brand synonymous to middle income group housing, has built over 17million sq. ft. of residential and commercial space has done residential projects at Neemrana, Bhiwadi, Jaipur, Jodhpur, Jamshedpur, Lavasa (Pune) and Patna. They are also pioneers in bringing the concept of senior living in India and spreading it to Bhiwadi, Jaipur and Lavasa.
 
Speaking with Yash Ved and Pooja Paryani of IIFL, Varun Gupta says "We will develop 6 mn sq.ft. and possess 10-12mn sqft of additional saleable area for future projects."
 
Brief us on your upcoming projects. What is the total area under development?
We  plan to launch 3-4 residential projects this year. Currently, we are working on a senior living project in Chennai and the first phase of the project will be launched this year. We are also planning to launch Ashiana Aangan in Neemrana, but have not got approval yet.The company has a number of completed projects in residential segment. We will develop 6 mn sqft and we have 10-12mn sqft of additional saleable area for future projects.
 
Tell us about your agreement with Arihant for senior living project?
We have signed a revenue share development agreement with Arihant for a senior living project in Chennai that we are looking to launch with a saleable area of roughly about 1mn sq.ft.
 
What is so different about senior living projects as compared to regular housing?
A host of considerations are taken into account when we design houses for senior citizens. We take special care of three to four basic needs of the senior citizen keeping in mind their social requirements. To begin with the design is more senior friendly in terms of grab grills and anti-slip tiling,  Emergency call system, LPG gas detectors, high level of security are the other common features. We also have dining facilities, doctor on call facility, and physiotherapist at site. In short, we take care of Constructive Engagement, Social Needs, Security and Overall wellness. Senior people who live in these specifically designed, maintained and serviced projects enjoy an improved quality of life and perhaps additional years of life on account of these happy and safe surroundings.
 
Are you looking at developing similar projects in other areas?
We are planning to launch a project in Chennai once we get the necessary approvals. Our decision to launch such projects will also depend on the overall response and the size of the market in this segment. Moreover, the willingness of people to pay for such projects will also influence our decision. Overall, we remain very excited, particularly about the Chennai project, given the demographics in Chennai.
 
What is the price range of your  projects?
We cater to the middle class as our overall project range is from Rs.20 lakhs to Rs. 70 lakhs.
 
Any plans to increase your land bank?
We plan to double sales and land bank and invest Rs 1,100 crore in land over the next four years.

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