Ashiana Housing has raised Rs 200 crore from institutional investors including Goldman Sachs and private equity firm Creador Advisors India, through a qualified institutional placement (QIP) issue. “We intend to invest Rs 700 crore in the new land acquisition in next 3 years. The fund raising from QIP will be used to strengthen our position in exiting as well as the recently added geographical locations ie Chennai Kolkata and Sohna(Gurgaon) Mr Vishal Gupta Managing Director told.
A net debt free company, Ashiana Housing Limited has recently announced its entry into new markets like Chennai, Halol, Kolkata and Sohna . Besides, it will also strengthen its dominance in Bhiwadi, Jaipur, Jamshedpur and Neemrana .
Commenting on the development Mr Gupta, said, “Infusion of Rs 200 crore combined with our existing cash surplus will give the company a competitive edge in the existing market conditions”.
A key player in the middle income group housing, Ashiana has expertise to develop residential properties alongside industrial corridors. Bhiwadi, Neemarana, Jamshedpur and Halol are such places where residential real estate has gained a momentum after Ashiana‘s footsteps.
Besides, middle income group housing, company has a very strong foothold in developing and maintaining senior citizen housing. Currently it has 3 running Active Senior Citizen housing projects in Bhiwadi, Jaipur and Lavasa and 3 more are in the pipeline in Bhiwadi, Chennai and Kolkata.