ashiana housing ltd share price Management discussions


Despite several shocks waves from the ongoing conflict between Russia and Ukraine on the global supply chain resulting in soaring commodity prices and subsequent monetary policy tightening by policymakers globally, the Indian economy remained resilient and is estimated to have grown by 6.8% in FY23 led by a strong recovery in private consumption and capital formation. Consumption demand improved driven by a sustained recovery in discretionary spending, especially in travel, tourism, and hospitality sector. Exports remained resilient and witnessed strong growth despite the contraction in global demand, high inflation in most developed countries, and hardening of interest rates by all major central banks. Rebound in consumption spilled over into the housing market leading to a decline in inventory overhang. This revival in consumer sentiment along with higher public capex supported slight recovery in investment activities and resulted in an increase in capacity utilisation across sectors. However, monetary tightening by the RBI and the widening of the CAD curtailed economic growth in the country.

The governments increasing focus on infrastructure and subsequent policies such as PM GatiShakti, the National Logistics Policy, and the Production-Linked Incentive schemes to boost manufacturing output has helped in sustained economic activity despite external shocks in the global supply chain due to the ongoing Russia-Ukraine conflict leading to synchronized global policy rate hikes to curb inflation. Credit growth to the Micro, Small, and Medium Enterprises (MSME) sector remained strong supported by the extended Emergency Credit Linked Guarantee Scheme (ECLGS) of the Union government. Measures taken by the policy makers along with decline in global commodity prices has helped in reining inflation.

Significant increase in the Capex budget in FY23, robust direct tax revenue collections, healthy GST collections and pick-up in private sector investment augurs well for future economic growth. According to IMF, the Indian economy is expected to expand by 5.9% in FY24 on the back of rebound in private consumption, higher capital expenditure, strong financial position of corporates and banking sector, and higher credit offtake. However, higher inflation could lead to further monetary tightening resulting in financial stress, increased uncertainty and dampen exports. Also, strong domestic demand coupled with high commodity prices could impact the current account balance. However, amid persistent fears of global slowdown and recession, India continues to remain a bright spot in the global economy due to its inherent resilient domestic demand, an enabling policy environment, and strong macroeconomic fundamentals.


The Indian Real Estate sector demonstrated remarkable resilience despite slump in global housing markets and continued the growth momentum on the back of strong end-user residential demand. Shift in consumer preference towards spacious homes mainly due to improved affordability and positive buyer sentiments, flexibility to shift to peripheral areas of the city, availability of affordable finance, reverse migration due to re-opening of offices and improving rental yields led to uptick in demand. As a result of this trend, there was a significant increase in the demand for housing loans, while ready housing inventories declined, leading to firming up of prices. Despite facing headwinds such as cost inflation-led price escalations and higher interest rates, construction activity also picked up.

The real estate sector is expected to contribute a larger share of Indias GDP and expand its market size in the coming years riding on the back of strategic reforms such as RERA and government incentives in affordable housing. In recent years, low-interest rates, the increasing popularity of rental properties, and the growth of e-commerce have all contributed to the sectors growth. Infrastructure development has also played a significant role in driving demand and pricing in previously distant micro-markets, bringing them closer to commercial hubs. Following a period of price consolidation, the sector has begun to witness an upward trend in prices due to increasing demand and declining inventory for both residential and commercial properties.

Despite the upward trend in interest rates and price hikes, the residential real estate sector has exhibited robust demand due to various factors such as increased household savings, heightened preference for home ownership, affordable interest rates, and a shift towards organized players with a proven history of delivering projects on time. The sector continues to witness consolidation with smaller unorganized players ceding market share to larger, more established players that enjoy strong brand loyalty, strong balance sheet, have proven track record of timely completion, and perform quality construction. This has led to organized players accounting for majority of the land deals. Rising land prices along with higher interest rates is likely to accelerate industry consolidation in favour of organized players having lower cost of capital and stronger brand positioning.

The sector has witnessed substantial decline in inventories as absorptions have exceeded launches despite over 200 bps rise in mortgage rates. The increased demand in recent quarters has led to a depletion of older inventory, resulting in consumers being more willing to purchase newly launched properties at comparatively lower prices. The residential market achieved its highest annual sales in nine years in 2022 breaching the previous peak of 2014 across the top 7 cities. Affordable housing witnessed a decline while mid-range and premium housing dominated launches in 2022. As demand momentum continue to remain resilient, new launches by developers is likely to accelerate further. Pause in rate hike, affordability sustaining at healthy levels and gradual hike in prices is expected to drive industry growth.

The Government continues to increase its allocation of funds to provide interest subsidies and credit-linked subsidies to help low-income families buy their own homes. The increase in allocation for PMAY by a significant 66% to Rs. 79,000 crores would help fulfil the governments pledge towards affordable housing for everyone. As part of green initiatives, funds have been allocated for encouraging developers to adopt environmentally friendly practices in the development of green buildings which will help in reducing carbon emissions and assist in the creation of a more sustainable real estate industry. Also, the government has announced a series of measures such as streamlining of stamp duty procedures, the introduction of e-registration of properties, and the creation of a central database of real estate transactions to simplify the process of buying and selling property and make it more efficient, transparent, and hassle-free. Moreover, development of smart cities and investment in infrastructure development is expected to drive the demand for real estate.

The real estate sector is likely to witness technology led innovation which will increase the overall efficiency of the sector and enable it to cater to the changing demand landscape. The sector is well poised for strong growth in the coming years riding on the favourable government policies and strong domestic demand.


INR Crores Lakhs Sq. ft. Lakhs Sq. ft. Lakhs Sq. ft.
Period Entity Value of Area Booked Area Booked Equivalent Area Constructed* Area Delivered & Recognized for Revenue
AHL 1,249.95 24.33 16.69 8.97
FY 23 Partnership 63.48 1.53 0.04 1.54
Total 1,313.43 25.86 16.73 10.51
AHL 416.59 8.14 5.08 2.34
FY23 Quarter 4 Partnership 19.23 0.45 0.00 0.38
Total 435.82 8.59 5.08 2.72
AHL 470.02 8.66 3.42 3.24
FY23 Quarter 3 Partnership 15.26 0.37 0.00 0.36
Total 485.29 9.03 3.42 3.60
AHL 224.19 4.52 4.37 1.70
FY23 Quarter 2 Partnership 15.99 0.38 0.01 0.37
Total 240.19 4.90 4.38 2.07
AHL 139.14 3.01 3.82 1.68
FY23 Quarter 1 Partnership 12.99 0.33 0.02 0.43
Total 152.14 3.34 3.85 2.11
AHL 506.57 12.92 13.91 4.10
FY 22 Partnership 66.68 1.84 2.29 4.77
Total 573.25 14.76 16.20 8.86

During the year, area booked was at 25.86 Lakhs sq. ft. Vs 14.76 Lakhs sq. ft in FY22. We launched five greenfield projects and eight new phases of existing projects to the tune of 29.46 lakhs square feet.

• Second Kid-Centric Homes Project was launched in Gurugram by the name Ashiana Amarah. The first phase was launched in October 2022 comprising of 224 Units and was fully booked at launch. In case of Phase-II, we received 351 Expression of Interest (EOIs) in Mar23 before launch. This phase consists of 224 units (saleable area 3.77 lakhs square feet) having a sale value of around RS.83

Crores. All 224 units were converted on 17th April 2023.

• Ashiana Prakriti was launched in Jamshedpur in March 2023 with 162 units and Sale Value of Rs. 163 crores. The entire phase was sold at launch.

• Ashiana Advik (third senior living project in Bhiwadi) was launched in November 22 and 42% got sold till 31st March 2023. Ashiana Malhar in Pune was launched in August 2022 and 60% of inventory was sold in FY23. Ashiana Ekansh in Jaipur launched in two phases and 50% of the inventory was sold in FY23.

Sales Price improved to Rs. 5,080 per

Sq. Ft. in FY23 vs Rs. 3,883 per Sq. Ft. in FY22, an increase of 31% YoY, driven by increasing prices across projects and changing mix towards higher priced projects.

*The Equivalent Area Constructed (EAC) in FY23 was at 16.73 Lakhs Sq. ft. (AHL: 16.69 Lakhs Sq. Ft. and Partnerships: 0.04 Lakhs Sq. Ft.). The area constructed was excluding the area built for EWS/LIG units, which is a statutory requirement and not a business activity of the company. Area constructed was generally in line with the commitments of the company.


We continued scouting for new land deals in line with our growth aspirations. Two new land parcels acquired in Jaipur in FY23 – Ashiana Nitara in Village Bhankrota with an approximate saleable area of 6.5 Lakhs Sq. Ft. and ‘The Amaltas by Ashiana in Jagatpura with approximate saleable area of 4.00 Lakhs Sq. Ft. One new land acquired in Manesar (Gurugram) admeasuring 43,708 Sq. Mtr. with an approximate saleable area of 10.30 Lakhs Sq. Ft. Total potential saleable area in these new parcels will be around 21 Lakhs Sq. Ft.


Ongoing Projects Overview

Ongoing projects are the projects in respect of which (i) all title, development rights or other interest in the land is held either directly by our Company and/or our Subsidiaries and/or other entities in which our Company and/or our Subsidiaries have a stake; (ii) wherever required, all land for the project has been converted for intended land use; and (iii) construction development activity has commenced.

As on 31st March 2023, we had 62.09 Lakhs Sq. Ft. (out of this 47.30 Lakhs Sq. Ft. was booked) under ongoing projects:

The details of ongoing projects are tabulated hereunder:

Location Projects Phase Economic Interest Project Type Saleable Area (Lakhs Sq. Ft.) Area Booked (Lakhs Sq. ft.) Possession Timeline as per RERA** Expected Customer Handover Date
Bhiwadi Nirmay 4 100% Ownership Senior Living Premium 2.09 1.81 Q3FY25 Q3FY24
Bhiwadi Tarang 3 100% Ownership Homes Premium 1.14 0.80 Q2FY25 Q2FY24
Bhiwadi Tarang 4A 100% Ownership Homes Premium 0.65 0.61 Q3FY26 Q1FY25
Bhiwadi Tarang 4B 100% Ownership Homes 0.76 0.28 Q1FY27 Q4FY25


The details of ongoing projects are tabulated hereunder:

Location Projects Phase Economic Interest Project Type Saleable Area (Lakhs Sq. Ft.) Area Booked (Lakhs Sq. ft.) Possession Timeline as per RERA**

Expected Customer Handover Date

Bhiwadi Advik 1 100% Ownership 73.75% of Senior Living 3.55 1.49 Q1FY27


Chennai Shubham 4 Revenue Share 73.75% of Senior Living 2.46 2.32 Q4FY24


Chennai Shubham 4B Revenue Share 65% of Revenue Senior Living Kid Centric 1.77 0.99 Q3FY26


Gurugram Anmol 2 Share 65% of Revenue Homes Kid Centric 2.83 2.82 Q1FY27


Gurugram Anmol 3 Share Homes Kid Centric 4.47 3.33 Q3FY29


Gurugram Amarah 1 100% Ownership Homes 3.95 3.95 Q1FY27


Jaipur Amantran 1 75% of Revenue Share Premium Homes 3.58 3.22 Q3FY25


Jaipur Amantran 2 75% of Revenue Share Premium Homes 1.20 1.20 Q1FY26


Jaipur Amantran 3 75% of Revenue Share Premium Homes 3.79 2.47 Q2FY26


Jaipur Amantran Shops 75% of Revenue Share Premium Homes 0.09 0.09 Q2FY26


Jaipur Daksh 2 100% Ownership Premium Homes 2.35 2.35 Q3FY25


Jaipur Daksh 3 100% Ownership Premium Homes 1.17 1.17 Q2FY25


Jaipur Ekansh 1 77.25% of Revenue Share Premium Homes 3.16 1.28 Q3FY27


Jaipur Ekansh 2 77.25% of Revenue Share Premium Homes 1.60 1.06 Q4FY27


Jaipur Umang 5 100% Ownership Kid Centric Homes 4.45 3.57 Q3FY25


Jaipur Umang 6 100% Ownership Kid Centric Homes 2.26 0.61 Q1FY27


Jamshedpur Aditya 1 74% of Revenue Share Premium Homes 3.55 3.55 Q1FY24


Jamshedpur Aditya 2 74% of Revenue Share Premium Homes 2.75 2.75 Q2FY25


Jamshedpur Prakriti 1 73.61% of Revenue Share Premium Homes 2.57 2.57 Q3FY28


Jodhpur Dwarka 4 100% Ownership Premium Homes 1.28 1.12 Q3FY25


Jodhpur Dwarka Utsav - 5 100% Ownership Premium Homes 2.00 0.32 Q2FY27


Pune Lavasa* 4 100% Ownership 65% of Revenue Senior Living Premium


Pune Malhar 1 Share Homes 2.62 1.59 Q3FY27


Total 62.09 47.30

*Phase-4 Ashiana Utsav, Lavasa Construction is complete and OC has been applied for. The Phase is yet to be launched for sales.


These are projects wherein construction is yet to commence due to approvals under process or projects (or phases as a part of project) are yet to be launched. 94.29 Lakhs sq. ft. was the pipeline under future projects as on 31st March 2023.

A summary of future projects is tabulated below:

Saleable Area
Location Project Phase Economic Interest (Lakhs Sq. ft.)
Bhiwadi Ashiana Tarang 5 & 6 100% 6.11
Bhiwadi Ashiana Advik 2,3,4,& 5 100% 10.57
Jaipur Ashiana Ekansh 3 & 4 77.25% Revenue Share 4.88
Jaipur Ashiana Nitara All 80.20% Revenue Share 6.50
Jaipur The Amaltas by Ashiana All 77.40% Revenue Share 4.00
Gurugram Ashiana Amarah 2,3,4 & 5 100% 16.73
Chennai Ashiana Shubham 5 73.75% of Revenue 2.33
Chennai Ashiana Vatsalya All 100% 13.28
Chennai Ashiana Swarang* All 50% of the Profits 5.55
Jamshedpur Ashiana Prakriti 2 73.61% Revenue Share 1.86
Neemrana Ashiana Aangan 2 100% 4.37
Pune Ashiana Malhar 2,3 and 4 65% Revenue Share 9.18
Pune Ashiana Amodh All 80% Revenue Share 8.10
Lavasa Utsav 5 100% 0.84
Total 94.29

* Swarang is acquired by Kairav Developers Ltd. (a joint venture company with equal economic interest of Ashiana Housing Ltd. and Arihant Foundations.)


A summary of the land available for development is as under:

Location Land / Project Name Estimated Area (Acres) Estimated Saleable Area (Lakhs sq. ft.) Economic Interest Proposed Development
Bhiwadi Milakpur 40.63 31.00 100% Premium Homes*/ Senior Living
Kolkata Ashiana Maitri/Nitya 19.72 14.88 85% Revenue Share Premium Homes*/ Senior Living
Gurugram HSIIDC Land 10.80 10.30 100% Premium Homes /Kid Centric Homes
Total 71.15 56.18


Real Estate (Regulation & Development) Act 2016 (RERA) along with its rules was fully implemented in May 2017. In between April 2022 till March 2023, we have registered 10 of our projects under RERA in the states we are operating in. A detailed status of the projects registered is given as under:

Status of RERA Registration

Location RERA Registration Applied & Received for projects Total Saleable Area (Lakhs Sq. ft.)
Jaipur 2 7.02
Gurugram 2 12.38
Bhiwadi 2 4.96
Chennai 1 1.77
Jodhpur 1 2.00
Jamshedpur 1 4.43
Pune 1 2.62
Total 10 35.96

Facility Management has gone from strength to strength over the years and so in the year gone by too. The team endeavored to create happiness for the residents and continued creating a wholesome environment across projects to enable a better lifestyle for the residents.

In FY 2022-23, the efforts were channelized in the direction of providing the best maintenance services at a reasonable cost so that the residents always get a sense of value for money and feel delighted. Various efforts taken in this direction are enumerated hereunder:

1. Vibrant Communities: 4,526 Events with 1,20,925 participations and 2,16,160 attendants created better vibrancy across projects. Through events, a platform was provided to the residents to showcase their talent, interact with the community, and live their passions. Sense of competition and achievement was driven through inter-Ashiana competitions across locations. Apart from activities focusing on wellness in Senior living, the year was concluded with "Jashn 9". 5 projects participated with a total of 196 participants and more than 350 attendees. The theme of Jashn-9 was "Living Glamorously".

In the Kid Centric Homes, 300 events and activities were organised with a total attendance of 13,380 participants. Quarterly themes on learning with fun, environmental awareness, carnivals, excursions, and showcase events provided kids with learning and growth opportunities.

2. Servicing App Implementation:

• Observation handling in a systematic manner using the ticketing system through the newly introduced Servicing app enabled residents to monitor progress on their observations, provide feedback based on their experience, and have the right to close the observation only when satisfied with the work. The changed process provided transparency resulting in more trust and confidence of customers in Ashiana.

• Communication process was standardized and structured with defined frequency.

• QR scanning for visitors, parking, and patrolling management helped in improving grey areas in security functions.

3. Customer Delight: With continued efforts on customer delight thrust, the year was closed with an NPS score of 25.96%. With a course correction i.e., PMHs (Project Maintenance Heads) taking priorities after every feedback instead of Branch/HO team helped in taking up the right improvement areas and thereafter actionable(s) to enable improvements with clear timelines and communication back with residents on completion.

4. Compliances:

Sensitivity and monitoring of required statutory compliances helped in fulfilling the requirements and obtaining the renewals on time. Reactive to a proactive mindsetshiftalsohelpedinunderstanding required cross-departmental synergies and knowledge transfer required for on-ground execution.

Priority for Year 2023-24: Quality Project Maintenance Head (PMH)

Looking at the importance of project maintenance, the role of the (Project Maintenance Head) PMH is crucial. The PMH is solely responsible for ensuring that the occupants of the property feel secure and satisfied, which reflects positively on the company. A well-trained PMH signals that the company is dedicated to providing exceptional service to its residents.

The role of a PMH is multi-dimensional and encompasses a wide range of responsibilities. By addressing issues in a timely manner, the PMH prevents small problems from snowballing into larger issues. Residents safety and satisfaction are paramount, but the PMHs actions also affect the propertys overall value. A well-maintained property that offers a welcoming environment is highly desirable and leads to positive word-of-mouth publicity.

In short, the quality of project maintenance is directly proportional to a propertys longevity, and the PMH plays a crucial role in maintaining that quality. Therefore, the value of a skilled PMH cannot be overstated.

Currently, we face challenges due to a lack of immediate bench strength and higher attrition in recent years. We need to develop a structured development plan and career path to overcome these challenges effectively.

Roadmap for FY 2023-24

1. Sourcing: From the previous patterns, we will identify the success of various sources and develop pool from these sources.

2. Right on boarding: Auditing the onboarding process to make sure no compromise in tenure and schedule.

3. Induction: The Induction system will be realigned to make it more practical through role plays, case studies, more customer interaction and small projects in critical areas for more hands-on experience.

4. Talent Review: Regular management conversations for assessing the right development areas to make individual growth plans.

5. Assessment: More rigorous monthly assessments for new joinees, probable next levels, and IDPs (Individual Development Plans) post-talent review. We plan to include third Party Feedback


As an organization, we are targeting a post-tax ROE of 15% on a sustainable basis. To do this we look to increase both volumes and margins. Additionally, we will continue to focus on keeping the business asset light and churn through our assets faster. The following would be the key drivers to achieve this:

• Going deeper into relatively newer geographies will provide for both volume growth and margin expansion as brand gets established. We are already seeing benefits coming from Gurugram, where we have been able to increase prices and volumes simultaneously because our brand has been established. We are fortunate that there are tailwinds in the sector supporting the increase in volumes and prices.

• Increased contribution of Senior Living segment to our overall business. This segment is less susceptible to cyclical swings. Moreover, we enjoy higher margins due to a differentiated product, less competition, and ability to work in further out locations.

• Intense focus on building the brand by delivering a high-quality product on time along with great customer service. Better brand and premiumization improves pricing in the market leading to healthier margins.

• Contrary to some views on real estate being a land value appreciation play, our view is that real profits are in development. The lighter our balance sheet and the faster we churn our assets the better our returns will be. Accordingly: a. We get into any land transaction with a view to launch the project quickly. We avoid land banking. b. We prefer the joint development model to keep capital employed low. In situations of an outright purchase, we prefer to involve a financial partner to co-invest in the project. c. Keep a keen eye on slow moving assets in the company and actively find ways to move through them faster.

• Keep debt low so that one can withstand headwinds and have flexibility to acquire projects in the downturn.


Revenue from Operations

Our revenue from operations include: a) Revenue from completed projects (residential/commercial); b) Revenue from other real estate operations include maintenance and hospitality services. Revenue from Operations increased by RS.9,575 Lakhs or 96% from RS.0,385 Lakhs in FY 2022 to RS.9,961 Lakhs in FY 2023. Out of this, revenue from completed projects increased from RS.5,105 Lakhs (FY2022) to RS.3,087 Lakhs (FY2023), a increase of 119%. Increase in revenue was attributable to higher deliveries (4.10 Lakhs Sq. Ft. in FY 2022 vs 8.97 Lakhs Sq. Ft. in FY 2023) and also due to change in mix of projects for which the revenue was recognised.

Revenue from other real estate operations increased from Rs.,280 Lakhs in FY 2022 to Rs.,874 Lakhs in FY 2023, a increase of 30%. This represents income from maintenance and hospitality. Increase in maintenance income in line with increase in projects under maintenance. Income from hospitality increased due to revival of business post pandemic due to Covid.

Income from Partnership

Income from Partnership decreased by Rs.,013 Lakhs or 57% from Rs.,789 Lakhs in FY 2022 to 776 Lakhs in FY 2023. Decrease in revenue was attributable to lower deliveries (4.77 Lakhs Sq. Ft. in FY 2022 vs 1.54 Lakhs Sq. Ft. in FY 2023).

Other Income

Other Income increased by RS.97 Lakhs from Rs.,185 Lakhs in FY 2022 to Rs.,782 Lakhs in FY 2023. Other income includes interest income, income from investments, profit from sale of investments, other charges collected from customers like documentation and cancellation charges, etc.


Total expenses increased from RS.4,396 Lakhs to RS.9,086 Lakhs, a increase of RS.4,690 Lakhs (60%).


Purchases decreased by 60% from RS.3,594 Lakhs to RS.3,586 Lakhs. Last year purchases were higher due to purchase of land for Ashiana Amarah, Gurugram, and purchase of land for Ashiana Vatsalya, Chennai in previous year. Purchases include amount attributable to development rights from JDA partners, payable as revenue share on collection from customers. Purchase also include cost of land booked corresponding to deliveries for which all revenues and costs are booked in line with our revenue recognition policy.

Project Expenses

An increase of RS.1,544 Lakhs (44% increase), RS.6,316 Lakhs in FY 2022 vs RS.7,860 Lakhs in FY 2023, while area construction under AHL projects was 13.91 Lakh sq. ft. (2022) vs 16.69 Lakh Sq. Ft. in FY 2023. The increase in project expenses was in line with the increase in construction volume of the company. Our construction has been generally in line with our commitment.

Real Estate Support Operations Expenses

Real Estate Support Operations Expenses increased from Rs.,565 Lakhs in FY2022 to Rs.,969 Lakhs in FY 2023, largely in

line with increase in area handed over for maintenance with the addition of new project deliveries.

Employee Benefit Expenses

The Employee benefit expenses at Rs.,176 Lakhs in FY 2023 was 25% higher than Rs.,136 Lakhs in FY 2022. The increase was largely attributable to yearly increment, new hiring and directors commission.

Advertising and Business Promotion

Advertising and Business Promotion expenses were in line with previous year, Rs.,758 Lakhs (FY 2023) vs. Rs.,727 Lakhs in FY 2022.

Financial Costs

Interest cost decreased by RS.84 Lakhs from RS.88 Lakhs in FY 2022 to RS.04 Lakhs in FY 2023, decline due to continuous repayment of debts.

Depreciation and Amortisation

Depreciation increased from RS.38 Lakhs in FY 2022 to RS.41 Lakhs in FY 2023.

Other Expenses

Other Expenses increased from Rs.,533 Lakhs in FY 2022 to Rs.,973 Lakhs in FY 2023 due to higher travelling costs (increase due to opening up post pandemic) and higher IT costs.

Gross Profit

At a total delivered area of 8.97 Lakhs Sq.Ft. [completed projects in Ashiana Housing Limited (AHL)], the GP per sq.ft. was Rs.,068, 28.94% [FY 2022: Rs.,067, 28.95%].

Particulars Area recognized as Sales (Lakhs Sq. Ft) Sales J ( Lakhs) Cost of Goods Sold ( J Lakhs) Gross Profit (GP) Amount J ( Lakhs)
Revenue from Real Estate and
Support Operations
Completed Projects 8.97 33,087 23,510 9,577
Other Real Estate operations - 6,874 4,524 2,350
Gross Profit 8.97 39,961 28,034 11,927 11,927
Add : Partnership firms 1.54 776
(Area recognized as sales and Profit Share)
Add : Other Income 1,782
Less : Indirect Expenses 11,052
Less :Exceptional Items -
Profit Before Tax 3,432
Less : Tax Expenses 645
Profit After Tax 2,788
Other comprehensive income 91
Total Comprehensive Income 2,879
Less : Non-Controlling interests 1
Profit after Non-Controlling Total 2,878

Partnership Profit was at RS.04 per Sq. Ft. [FY 2022: RS.75] for total area of 1.54 Lakhs Sq. Ft. delivered in partnership firms.

Profit Before Tax (PBT)

Our PBT increased from Rs.,463 Lakhs negative to positive Rs.,432 Lakhs due to higher revenue on account of higher deliveries.

Tax Expense

Our tax expense for the year was positive RS.45 Lakhs in FY 2023 vs. negative RS.59 Lakhs in FY 2022. Major increase is due to current tax expense during the year by RS.84 Lakhs.

Profit After Tax and Total Comprehensive Income (TCI)

As a result of above, our PAT increased from negative RS.04 Lakhs in FY 22 to positive Rs.,788 Lakhs in FY 2023. And TCI stood positive at Rs.,878 Lakhs in FY 2023 vs. negative RS.56 Lakhs in FY 2022.

General Reserves

Overall General Reserves stand at RS.00 Crores at the end of FY 2023.

Cash Flow (From Modified Cash Flow Statement)

The Pre-tax operating Cash flow (before new land acquisition) for AHL, on a consolidated basis was positive at Rs.,485 Lakhs against positive at RS.6,505 Lakhs in FY 2022.


Collection for the year decreased to RS.5,727 Lakhs [AHL: RS.9,355 Lakhs and Partnerships: Rs.,372 Lakhs] from RS.6,762 Lakhs [AHL: RS.7,639 Lakhs and Partnerships: Rs.,123 Lakhs] for FY 2022, a decrease of 1.55%.

Ashiana Housing Limited

Consolidated Cash Flow Statement for the year ended 31st March, 2023


Particulars T>2022-23 2021-22
Net Profit/(loss) before Tax and Exceptional Items 3,432 (1,037)
Adjusted for :
Depreciation 841 838
Interest Income (other than from customers) (485) (459)
Income from Long Terms Investment (591) (335)
Irrecoverable Balances Written Off 23 53
Provision for doubtful debts 65 229
Liabilities Written Back (44) (89)
Interest Paid 2,762 1,701
Investment Property written off - 24
Property plant and equipment written off 2 51
Loss on sale of Investment Property 42 -
Gain on modification/ termination of Right of use Lease Liability (96) (7)
Minority Interest - (0)
(Profit) / Loss on sale of Fixed Assets (0) 8
Provision for Employee Benefits (incl. remeasurement through OCI) 153 110
Profit/ (loss) from Joint Venture (1) (1)
Operating Profit before Working Capital Changes 6,102 1,085
Adjusted for:
Trade Receivables (696) (51)
Other Assets (1,662) 497
EWS/LIG Units 653 (417)
Inventories (26,997) (26,334)
Trade Payables 1,038 239
Advances from customers 26,106 42,169
Other financial Liabilities 3,003 502
Withdrawal/(Deployment) in Operating Partnership firms (Project launched) 938 (1,211)
Cash Generated from Operations before New Land Acquisition 8,485 16,505
Adjusted for:
Advance Against Land (3,154) 282
Purchase of Land (1,196) (24,285)
Cash Generated from Operations 4,135 (7,499)
Direct Taxes paid / adjusted (662) (260)
Cash flow before exceptional items 3,473 (7,759)
Exceptional Items - (426)
Net cash from Operating activities (A) 3,473 (8,185)
Purchase of Fixed Assets (2,114) (545)
Sale of Fixed Assets 292 121
Net Purchase/ sale of Investments 2,433 (2,186)
Interest Income 485 459
Other Income from Long Term Investments 591 335
Net Cash from investing activities (B) 1,687 (1,816)
Proceeds from long term and other borrowings 2,039 11,165
Payment of Lease Liabilities (204) (295)
Interest on Lease Liabilities (64) (140)
Interest and Financial Charges paid (2,698) (1,562)
Dividend paid (512) (819)
Proceeds from issuance from share capital - -
Proceeds from Securities Premium on issuance of Share Capital - -
Change in Capital Reserve - -
Change in Minority Interest 1 2
Net Cash used in Financing activities (C) (1,438) 8,351

Cash Flow Position in Ongoing Projects (status as on 31st March 2023)

Sale Value of Area Equivalent Area
Saleable Area Area Booked Amount Received
Entity Booked Constructed
(Lakhs Sq. Ft.) (Lakhs Sq. Ft.) (J Crores)
(J Crores) (Lakhs Sq. ft.)
AHL 62.09 47.30 2,092.97 1,017.77 31.72
Grand Total 62.09 47.30 2,092.97 1,017.77 31.72


1. There were no ongoing projects in partnerships, they were fully executed in the year ending 31st March 2023.

2. Projects in AHL include Ashiana Nirmay, Ashiana Advik, Ashiana Tarang, Ashiana Dwarka, Ashiana Daksh, Ashiana Amantran, Ashiana Umang Extension, Ashiana Ekansh, Ashiana Prakriti, Ashiana Aditya, Ashiana Malhar, Ashiana Utsav (Lavasa), Ashiana Anmol, Ashiana Amarah and Ashiana Shubham.

3. Out of a total saleable area of 62.09 Lakhs Sq. ft., 31.72 Lakhs Sq. Ft. (51%) has already been constructed. Out of the total area booked so far, an amount of around Rs.,075.2 Crores is to be received in due course in future.

Net worth/Borrowing/ Dividend and Some important Financial Ratios

Net worth increased from RS.3,604 Lakhs (as on 31st March 2022) to RS.5,970 Lakhs (as on 31st March 2023) due to profit during the year.

The Board of Directors recommended a dividend of Rs..50 (25%) on face value of Rs./- per share in their meeting held on 30th May 2023 for the FY 2022-23.

S. No. Ratio 2022-23 2021-22 Variance Comments
1. Debtor Turnover Ratio - - - -
2. Creditor Turnover Ratio 7.89 7.94 (0.64%) - Due to increase in Cost of Good sold & increase in
3. Inventory Turnover Ratio 0.20 0.11 83.34% average inventory as compared to previous year. Increase in profit leading to higher profits for the
4. Interest Coverage Ratio 2.26 0.39 480.51% year. Increase in profit leading to higher profits for the
5. Debt Service Coverage Ratio 1.39 0.40 248.61% year.
6. Current Ratio 1.69 1.86 (9.42%) -
7. Debt-Equity Ratio 0.24 0.22 8.87% - Profits during the year due to higher sales as
8. Operating Profit Margin Ratio 14.46 0.03 48100.00% compared to previous year. Profits during the year due to higher sales as
9. Net Profit Margin Ratio 6.56 (0.03) 21847.15% compared to previous year.
10. Return on Avg. Networth 0.04 (0.01) 493.49% Profits during the year due to higher sales as compared to previous year. Due to increase in Earning before interest & tax &
11. Return on Capital Employed 0.06 0.01 1151.55% increase in debts as compared to previous year. Due to increase in sales & increase in working capital
12. Net Capital Turnover Ratio 0.51 0.23 120.45% as compared to previous year. Due to decrease in Partnership Income & Profit on
13. Return on Investment 0.06 0.10 (39.09%) Sale of Investment during the year as compared to previous year.

Note: The above figures are on consolidated basis

Credit Rating

External Rating Agencies have also reposed faith in our financial strength/Credit worthiness as CARE and ICRA Ratings have reaffirmed the Credit Rating of our company for the FY 2022-23.

Further, the ratings issued and re-affirmed on the Non-Convertible Debentures (NCDs) of the company during FY 2022-23 are as follows:

1. CARE has maintained our credit rating as "CARE A(Is) [Single A (Issuer Rating), Outlook: Stable]"

2. CARE has re-affirmed us as CARE(A); Stable for RS.7 Crores and Non- Convertible Debentures (NCDs) allotted on 31st May 2021.

3. CARE has re-affirmed us as CARE(A); Stable for RS.5 Crores Non- Convertible Debentures (NCDs), out of which NCDs of Rs. 26.40 Crores were allotted on 20th July 2022.

4. ICRA has rated us as ICRA A for RS.5.2 Crores NCDs (Outstanding amount of the said NCDs as on 31st March 2023: Rs..80 Crores) and RS.0 Crores NCDs (Outstanding amount of the said NCDs as on 31st March 2023: Rs..43 Crores).



Sectoral tail winds and continued focus by the Government of India in terms of announcement in budgets, prioritisation of affordable housing, etc. has led to lot of opportunities in the Real Estate industry.

Our Kid Centric Homes (KCH) segment along with our Senior Living Homes segment gives us an opportunity to differentiate ourselves in the market and work in line with our strengths. We see huge opportunities in Senior Living space and aspire to increase its contribution significantly in future years.


• Strong brand built over 43 years having an impeccable track record. We enjoy higher brand recall resulting in strong customer connect which leads to majority of our sales from word of mouth.

• Robust financial position with conservative debt, negligible debt/ low debt equity ratio coupled with healthy cash balance which provides a significant leveraging opportunity for further expansion.

• High quality maintenance at affordable rates, has helped us in keeping our customers happy and high resale rates compared to similar projects. This is in line with our brand promise of ‘Forever Care which also acts as a catalyst for generating referral bookings.

• Strong teams deployed across locations helping in effective execution and implementation with contemporary architecture.

• Upholding high Corporate Governance Standards and ensuring transparency and high levels of business ethics.


Risk is inherent to almost every form of business. As a business, Ashiana is also susceptible to business risks. The company has appropriate risk management systems in place for identification and evaluation of risks, measures to mitigate them and processes in place to ensure their timely and proper reporting.

Following are the risks as perceived by the company accompanied with its mitigation measures:

Economic Risk

The real estate sector is cyclical in nature and is impacted by macro-economic factors such as GDP growth, change in government schemes, inflation levels, availability of consumer financing and interest rates causing fluctuations in market. These factors are beyond the control of any one entity, but it affects the ability to sell our projects at the anticipated price which adversely affects our revenues and earnings, consequent realisations and increase project cost thereby impacting our margins.


The capital-intensive nature of our business needs huge investments in land and working capital which might otherwise hamper smooth continuity of business. The uninterrupted flow of capital is of great essence in our business especially after the implementation of RERA as 70% of the collected funds are not freely available.

Mitigating Measure

Adoption of asset light model with land being considered as the key raw material and hence warranting relatively lesser investment. Opting for Joint Development of projects with partners and partnering with patient investors like IFC in select projects also help us curtail capital requirements and give us freedom to lower the level of capital requirement.

Negligible Debt/Low debt to equity ratio due to lower debt implies lower borrowing cost. Negligible Debt/Favourable debt equity ratio with a Credit Rating of ‘A with stable outlook leaves enough headroom to borrow critical capital as and when required that too at competitive rates. Company has long term healthy relationship with major suppliers for timely supply of quality raw material and competitive prices.


The real estate sector in India is among the heavily regulated sectors. Large number of statutory and regulatory approvals and permits are required to execute projects, and applications are required to be made at appropriate stages for such approvals. We also require sanction from local municipalities, local bodies, pollution control boards as well as clearance from airport authorities. These laws vary from state to state. Timely launch of projects is always subject to getting these approvals in time. The introduction RERA has also increased regulatory costs and other operational challenges for the sector.

Mitigating Measure

These risks are mitigated by taking a thorough and diligent approach towards land acquisition and by also following transparent processes in developing the projects.

Further, the company tries to minimize such delays by investing in land parcels or Joint Developments which already have approvals in place or the investments in such projects & JDAs are linked to the approval milestones. This reduces our upfront capital commitment. The company has built strong legal and compliance teams to ensure timely and effective compliances ensuring minimum disruption to the project due to statutory compliances. The company also seeks services of external legal/ professional firms, if required.


Project execution depends on several factors like regulatory clearances, raw material prices, labour availability and access to utilities like water and electricity and absence of litigations. Delays experienced in terms of regulatory clearances lead to cost overruns, which further lead to delays / stalling of project launches.

Mitigation Measure

Company manages the adversities with cautious approach and meticulous planning at the time of conceiving the project. We enjoy a positive record of completing our projects on time. We have a strong in-house team commensurate with robust systems ensuring timely completion of projects. Frequent and regular review of the projects internally by the project teams take stock of the project progress, followed by remedial measures required, if any, from time to time ensure projects are completed well within the time limits.


Slow sales and delayed payments from customers might lead to liquidity crunch. Moreover, the time required to liquidate a real estate property can vary depending on the quality and location of the property. Inability to promptly liquidate its build unsold inventory, without any loss of capital in the process, might be a concern at times.

Mitigation Measure

Company ensures that all projects are completed on time. Being a well-known brand, our new launches generally witness a good response. Special sales and marketing efforts are made to ensure movement of unsold build stock.

The company has strong system to ensure timely identification of liquidity risk. We monitor and control liquidity through tools such as business-specific liquidity indicators, cash flow forecasting and monitoring of key financial ratios. With a strong balance sheet and adequate cash reserves, we are suitably placed to handle any liquidity related challenges.


As the organisation grows, strengthening the IT function is imperative to take care of the growing needs and complexities in the business environment. IT function took various steps to improve the IT service support and to build resilience in IT services.

New ERP software Farvision was implemented in finance function wef 1st April22. It was further aligned with business operations, all users of Farvision software provided with refresher training on the process flow. Farvision is already operational in our Procurement/Construction function. We have implemented new security software EDR (Endpoint detection and response) for our all end points, to have our IT systems more secure.

We further focused on capability building in Information Security. IT team was provided with different trainings on new technologies and information security controls and standards. One such information security training based on ISO 27001 standard was conducted for IT team.


The internal control system of the company is wider in scope which includes internal controls on financial reporting and operational controls. The Company has an adequate system of internal controls, commensurate with the size and nature of its business. As part of the Internal Financial Control, the Company is maintaining function wise policies and procedures called Standard Operating Procedures (SOP). The SOP ensure that business of the company is conducted orderly and efficiently, policies and procedures are adhered to, assets are safeguarded, frauds and errors are detected, if there are any, accounting records are accurate and financial information is prepared timely.

Internal controls cover all fields across all financial and operating functions ranging from procurement of land to smooth execution of projects in time. Intent of the internal controls is to have control framework beyond financial reporting. Accordingly, independent audit firm appointed by the Company conduct periodical audits encompassing various functions, at various projects, branches and Head Office to ensure adequacy of internal control systems, adherence to management policies and compliance with the applicable laws and regulations. Their scope of work also includes internal controls on accounting, efficiency and economy of operations. The key findings of their audit along with implementation plan of their recommendations are discussed with the senior management and also the Audit Committee. The Audit Committee of the Board reviews the adequacy and effectiveness of the internal control systems and suggests improvements for strengthening them. Board also gives a statement in the Boards Report about the adequacy and effectiveness of internal control systems.

Under the internal control system, the company also has Vigil Mechanism as part of the Whistle Blower Policy. The directors and employees of the company, across all the branches and head office, have the right to report whether in writing or by email any unethical behaviour, actual or suspected fraud or violation of the companys Code of Conduct or ethics policy, directly to the Managing Director of the company. However, in exceptional circumstances they may directly report to the Chairman of the

Audit Committee and in the absence of such Chairman then directly to any member of the Audit Committee. Details of vigil mechanism are also given in the annual report under the section Corporate Governance Report.


At Ashiana, our key focus is to provide a healthy & safe environment to our employees and workers at workplace. Our pledge towards safety is the priarye reason which helped us to overcome such a devastating pandemic. Year after year we continue to take corrective measures to become better in health and Safety Management System and the same reflects in our records. As a result, number of injuries at workplace have reduced substantially and number of illnesses controlled.

Aligned to companys tag line "you are in safe hands" health care & safety is our priority at every stage of work. Therefore, our focus is to concentrate on actions which will deliver meaningful health and safety outcomes.

We have concentrated on adopting procedures in our construction, which are safer for our workers and have conducted timely inspections and audits for safe implementation procedures. Our performance measures demonstrate the excellent progress made so far. For example, we are monitoring accidents on construction sites and upto March 2023, we were at 99.50% accident-free days.

We will continue to take a sensible and appropriate approach towards health and safety management and keep developing and training our human-assets related to safer environment.


Our aim is to set and maintain robust standards of health and safety management to ensure the welfare of our human resources and others who may be affected by our activities, and to minimise the losses (financial and reputational) to our business from ill health and injury.


1. The Safety team – We are continuously forming three teams at every new construction site and maintaining this team till the completion of the project. The teams are formed considering capacity, strength, and interpersonal skill of individuals. All team members are given training to handle any arising situation. They are empowered to take decisions on the spot and interact with companys local higher authority. Team is alerted to any disaster, grievance or accident and can handle all such situations.

2. Safety Audit – A safety audit is conducted with stress over the points of concern. We have monthly & quarterly audit system. These points are shared with the whole team with focus on the seriousness regarding compliances of the audit and is spread throughout the organization. Apart from this, a weekly audit is also conducted on site by engineers, on rotation basis, so that everyone is involved in the process. It has resulted in reduction in incidents over the period.

3. Safety related changes in design/ drawings – In a typical residential building, there are several hazardous places with high risk. We have identified and properly designed them and have taken necessary precautions to make them safer for the users. Areas such as maintenance duct, plumbing shafts, lift openings, cut outs, etc have been reduced in risk aversion positions with appropriate designs and is followed throughout Ashiana. Taking it further we have upgraded our fall arrestor system process.

4. Awareness/Training – Every worker who enters an Ashiana site is made aware of the inherent risks and hazards of construction work, and the precautions they must follow to avoid the risks. We have implemented daily toolbox talk and trainings on various activities to avoid any hazards. They are also made aware about the assembly points in case of an emergency. We have updated internal training program conducted by all projects head at site.

5. Mock drills – Fire safety mock drills are conducted at sites periodically and workers are made aware of the protocols to follow in case of a fire occurring at site.

6. Health – Routine site visits are conducted by a certified and licensed doctor to monitor the health of our human resources. Further, regular visits to the houses of the labourers are conducted to ensure proper living conditions of our workers.


Learning & Development (L&D) is an integral part of Ashiana. Constant upskilling enables our employees to grow and add value. In the modern competitive environment, employees need to replenish their knowledge and acquire new skills to do their jobs better.

The goal of L&D is to align employee goals and performance with that of the organization. In L&D, we identify the gaps between the current performance and expected performance and deliver training to bridge these gaps. This benefits both the employee and the company. From an employee point of view, L&D plays a critical role in honing and attaining skills. With the vision of continuous learning and improvement, in 2022-23, we implemented the following initiatives for our sales team:

A. Implementation of Sales theme (Lakshya 1100 Crores)

The implementation of the sales theme with the goal of breaking every record

Ashiana had not yet attained was the main attraction of the year.

To reach our Lakshya 1100 (Pre Sales/Booking) goal, we created a reward system on a monthly, quarterly, and yearly basis to encourage them and motivate the sales team to do more than their potential. The projects overall theme was patriotism, so the names of the awards were designed to fit that theme. For example, an executive who achieves their aspirational target gets a Shaurya Chakra, executive who overachieve his/her target gets a

Vishisht Sena Medal.

Some of the awards are as follows:

• Soldier of the month /Quarter/ Year

• Battalion of the month /Quarter/ Year

• Zone of the Quarter/ Year

B. Implementation of Site visit flow and call handling process before the project launches

We were on a roller coaster last year as several new projects and phase launches were planned, which was a great opportunity to increase our sales revenues. We developed a thorough site visit and call handling process to improve the customer experience and create more value proposition in the customers mind.

1. Several mocks of site visits and calls were conducted to evaluate the readiness of the sales team before a project launch and see how well it would impact visitors. This helped us to maximise our sales conversions from the beginning of the launch itself and created customer delight on site.

2. Many mystery audits were conducted on-site at all locations to check that the site visit flow was followed correctly.

C. Implementation of BOP (Business Opportunity Plan) for meeting channel partners

We prepared a Business Opportunity Plan/presentation for our sales team before they met any channel partner. This helped us in building clear expectations in their minds, why should they be collaborating with Ashiana, what is it in the product & how it is going to benefit them. Further, it demonstrated our professionalism inside the sales team and increased the market confidence in the brand Ashiana.

D. Improvisation in registration (Expression of Interest) process to build transparency & ensure smooth process.

1. To generate buzz in the market, we invited more and more customers on the first day of registration.

2. To regulate the chaos, provide transparency, we started with a token system, in which we issued tokens from the main gate itself, and registration was done based on them. It helped us in ensuring a smooth registration process.

3. Instead of sending only SMS and emailers, we started channel play calling to reach a broader audience. So, to develop a human connection, we hired a channel play team (outside vendor) who called on the existing database and forwarded only qualifying leads to our sales team.

E. Implementation of New AM team lead training & Executive in Head Office

Training is a good opportunity for our employees to grow their knowledge base and improve their job skills continuously to become more effective on ground and take them one step ahead in achieving their personal and professional goal.

A detailed induction plan was developed for team leaders both on-site and off-site to give them a thorough understanding of the support departments, policies, and procedures so that they can be more effective on the ground. In the FY 2022-3, 56 new joinees were inducted in 20 different Batches. Total 1,920 manhours were spent in induction apart from other regular trainings.

This helped us in bridging the gap by allowing our team leads to understand the clear expectations of management and to forge stronger interdepartmental relationships and familiarity with our HO team.

An illustrative list of trainings provided to the sales team.

• Customer Centricity

• First Time Managers

• Train the Trainer

• Sales Force Session

• Excel training & Data Analysis

• First time Managers

• How to say No

• Objection Handling

We endeavour to make the best sales team. Mentioned below are the few L&D initiatives that will be our key focus areas in FY 2023-24

• Site visit process & call handling process adherences

• Mystery audits to ensure proper adherence of the processes on site.

• Refresher & new training for Sales Team (Both executives and Team Leaders)

• Work on IDP (Individual Development Plans) for the Team Leaders.

• Increase in Channel Partners Team network in Bhiwadi and Pune.


Over the years, as an organization, we have increased our focus on Senior living business. We are pleased to share that our overall efforts have ensured that we continue as No. 1 Senior Living Company in India for 6th time in a row as rated by Track2Realty.

1. Business Development and New launches

The coming financial year looks very exciting in terms of new projects in Senior Living Segment. We are planning to launch 3 green field projects in Senior Living, one in Pune and two in Chennai.

2. Sales And Marketing

In FY 2023, we launched a new senior living project, Ashiana Advik, in Bhiwadi. This is Ashianas third senior living project in Bhiwadi and sixth in PAN India. The project offers 910 residential units spread across 16.9 acres and is designed to focus on outdoor activities for seniors. Based on the Ashianas experience from past senior living projects and feedback from residents, the project has been meticulously designed to include greener spaces and dedicated zones for various activities to help seniors stay active & healthy.

Ashiana also launched Phase IV of Ashiana Shubham in Chennai with a successful campaign called "Stay Vera Mathri after retirement," which translates to "a different league of living at Ashiana Shubham." The campaign received a tremendous response.

The demand for senior living in India is trending upward, with more seniors planning their retirement early and exploring senior living options at an early stage. We have also noticed that seniors are becoming tech-savvy and exploring new platforms and apps. As a result, we have used platforms like Spotify and Instagram to reach out to them, in addition to traditional media like print and hoardings. Online and references continue to be the best sources for reaching seniors and have resulted in a good number of bookings. In addition, post-COVID we conducted a Senior Living Conclave at The Grand in Vasant Kunj in March 2023, where 500 seniors came and understood the concept of Senior Living as explained by our Joint Managing Director, Mr Ankur Gupta.

In FY 2023, we sold around 3.16 lsft. (230 units) under various senior living projects, with major sales in Ashiana Shubham, Chennai (110 units) and Ashiana Advik, Bhiwadi (92 units). In FY 2024, the focus will be on launching new project in Talegaon, Pune and two new projects in Chennai.

3. Facilities Management and Services

We have delivered 2,192 units so far with a very impressive 65% occupancy. The following were the focus areas during last financial year:

a. Dining Services – The dining service in our Senior living project is quite crucial for our residents to enjoy a hassle-free life to eat, enjoy, interact & engage with other fellow residents. We have 5 Cafes across all locations, serving more than 1300 residents. Caf? Manager ensure not only good management of the Caf?, quality food but at the same time best rates are offered to the residents. b. Activities – One of the core purposes of Ashiana is to create vibrancy. Activities thus bring colour and joy to the lives of our seniors and keep them actively engaged. Meaningful engagement of seniors not only increases their happiness but also enhances their overall wellness quotient. Activities are being organized at various levels and have been categorized into cultural, sports, wellness, fun, socialization, religious, spiritual etc. A total of 3,567 activities were conducted across 5 projects which saw a total of 63,547 participants.

c. Jashn -9 – We were back at organising our annual festival called ‘Jashn in person, having been forced to do it online in the last 2 editions due to Covid induced restrictions. It was welcomed with much vigour and glory as excitement for preparations and executing the entire show was found in the residents. For

Jashn-9, Nirmay was decked up as a wedding hall with colours and bright light all around for 3 days in the month of February where around 188 residents participated across location. Residents came from all 5 locations of Ashiana Senior Living- Utsav Bhiwadi, Utsav Jaipur, Utsav Lavasa, Nirmay and Shubham participating in 17 overall activities. A new activity, relay walk was also introduced and was welcomed by the residents. As students get excited about the college events, the same zeal was felt among our active senior residents. All these clearly show the increasing demand and popularity of Jashn in our residents life.

d. Care Home and Care at Home

The concept of Senior living in Ashiana is modelled as CCRC (Continuing Care Retirement Communities) where Care at Home and Care Home helps residents to get continuous care in case of both short term and long-term care needs. Care is given for activities of daily living like bathing, toileting, general hygiene, feeding, mobility, medication management etc. We have Care Homes in Utsav Bhiwadi and Utsav Jaipur and Care at Home services at all senior living communities. New Care Home in Nirmay is underway and is likely to be launched by the end of 2023.

Way Forward

Senior Living is a growing business for us. As a strategy, our endeavour is to grow the overall pie of our senior living business. Chennai, Pune and Bhiwadi will be our focus senior living markets in future. Besides, we are exploring new senior living markets in senior living markets in locations like Bengaluru and in Southern India and also around Mumbai -Pune markets.


Marketing has been supporting to maximize sales potential, build a strong brand presence and generate quality leads.

Through strategic targeting and data-driven approaches, we identify and attract potential customers and create buzz in the market before launch to get success in launches.

1. Launches: We launched two Senior Living and 3 Kid Centric Homes (KCH) projects last year, which are as follows:

Kid Centric Homes (KCH)

a. Ashiana Amarah (Phase I) in Gurugram: The projects first phase fully sold out on day one on the launch, which includes 224 units corresponding to

3.95 Lakhs Sq. Ft. of saleable area worth RS.42 Crores.

b. Ashiana Umang (Phase VI) in Jaipur.

c. Ashiana Anmol (Phase III) in Gurugram.

• Senior Living a. Ashiana Advik in (Phase I) Bhiwadi. b. Ashiana Shubham (Phase IV) in Chennai.

Ashiana Advik Villa, Bhiwadi.

2. Activities and Events: We hosted our 9th Annual 3 day sports and cultural event "Jashn" on from 24th – 26th February 2023 at Bhiwadi, Rajasthan. Approximately 16 events witnessed the participation of 173 active senior citizens from Ashianas senior living communities in Bhiwadi, Lavasa-Pune, Chennai, and Jaipur.

Ashiana Advik organised first in the segment Senior Living Conclave, on 5th March 2023 at The Grand, New Delhi where 500 seniors attended the interactive session by our Joint

Managing Director, Mr. Ankur Gupta on why & when to chose Senior Living. They also got chance to meet our Senior Living residents.

3. Generation of Leads: Overall 33,788 customers got in touch last year through different mediums like online, website, walk-ins, reference and resulting in 6,515 site visits and a 25% conversion. The table mentioned below details the lead and site visit generation of our product categories:

Senior Living




Site Visits

Kid Centric Homes




Site Visits

Premium Homes




Site Visits





Site Visits

4. Highlights and initiatives for Premium Homes in FY 23: We had 3 new project launches including one in a new location, Pune by the name of Ashiana Malhar. The other two being, Ashiana Ekansh in Jaipur and Ashiana Prakriti in Jamshedpur.

In addition to new launches, we launched villas in Ashiana Amantran Plaza (commercial), and new phase launches in Dwarka and Tarang. As we entered into a new location, the focus was to create the brand awareness before going into lead generation activities.

We took 50+ hoardings across Hinjawadi and nearby location to create that buzz along with digital and social media campaigns. Also, the launch event conducted for the channel partners in Pune was attended by 800+ participants.

During the launch campaign for Malhar (Pune), we generated approximately

4,000 enquiries and achieved around 1,500 site visits in the quarter July 2022 to September 2022. We also participated in CREDAI Expo and showcased our unit model there, which was appreciated by the visitors.

For the other two project launches (Ekansh in Jaipur and Prakriti in Jamshedpur), we did 360- degree pre-launch campaign to generate interest and pre buzz within the market. The kind of brand equity we have in these two locations, we were expecting a healthy response out of this teaser campaign. Our campaign "Next one is here" created that buzz and gave us numerous enquiries before the actual campaign started.

We got tremendous response in both the abovementioned locations and we had to even stop our main campaign for Prakriti as we got more than required enquiries and registrations for the project.

We almost converted 25% of the enquiries to the site visits in the year 2022-23.

5. Social Media Engagement: Social Media continues to be an important and internal part of everyones life. We did a lot of campaigns, videos, engagement posts to occupy space in customers mind and build our brand recall. Our focus has always been on Facebook primarily resulting in increase of 246% of customer engagement through Facebook alone in FY 23. Further, we worked on other platforms also which are picking up.

Number of Followers on various Social Media Platforms

NO. OF FOLLOWERS 2021-22 2022-23
Facebook 1,57,003 5,43,597
Instagram 4,402 91,434
LinkedIn 26,184 98,724
Twitter 2,624 19,282
Total 1,90,213 7,53,037

6. Ashiana Smiles Programme: Ashiana Smiles is a referral programme which we have been running for our existing customers wherein, if our customers are happy and satisfied with what Ashiana is offering, they can refer their friends/ family to us. Our customers have always supported and last year, we achieved 753 reference bookings. It was a big contributor in achieving our yearly sales numbers.

As on 31st March 2023, we had 335, 36 and 7 Silver, Gold and Platinum members respectively.

7. Ashiana Supermoms: Supermoms programme has always been very close to our heart. We have been running this programme since 2017 with the purpose of providing a platform to the moms in our projects where they can showcase their talents and follow their passion. Supermoms from different projects participate in various sessions like cooking, personality development, women health, meditation etc. By the end of the year 2022-23, we had 2,430 registered supermoms (1,805 in previous year). Total 15,000 activities were conducted by our Supermoms.


There are strong tail winds in the Real Estate cycle and we are hoping that we are in a multi year bull run cycle.

The demand is highest for bigger homes, with sales of 2, 3, and 4 BHK homes outstripping that of affordable smaller homes. Bigger homes can multi-task most efficiently when managing domestic and work life and are also in high demand in the resale market.

We have got a healthy pipeline of launches and target would be to do deals worth Rs. 1500- 2000 Crs sales value year on year. FY 2024 is also a launch heavy year and we have an ambition of achieving Rs. 1,500 Crores of pre sales. While we strive to maintain high sales volumes, we are also focusing on establishing crucial guidelines and enhancing our capabilities to achieve

"On Time Delivery."

In addition to our construction volumes, ensuring desired quality standards is a priority. We are committed to conducting all work in accordance with construction procedures and adhering to checklists for compliance and quality assurance.