Ashiana Housing sells all 224 units in Gurugram project for 242 crore on launch day

Realty firm Ashiana Housing Ltd on Monday said it has sold all 224 units in its new housing project in Gurugram for 242 crore driven by festive demand despite a hike in interest rates on home loans.

The company, which is majorly into senior living homes, said in a statement that it has launched 22-acre kid-centric project ‘Ashiana Amarah’ in Sector 93, Gurugram.

“The project’s first phase (was) fully sold out on day one, which includes 224 units corresponding to 3.95 lakh square feet of saleable area worth 242 crore,” Ashiana Housing said.

“With this launch, we are strengthening our brand positioning in the National Capital Region and particularly in upmarket Gurugram,” Varun Gupta, Whole-time Director of Ashiana Housing, said.

Earlier this month, realty major DLF also sold all 292 luxury homes in Gurugram for over ₹1,800 crore within a few days of the launch of the project, signalling strong demand despite a rise in interest rate on home loans and property prices.

DLF had launched its project ‘The Grove’, located at DLF phase-5 in Gurugram, Haryana, on September 26.

Interest rates on home loans have crossed 8 per cent and inching towards 9 per cent as the Reserve Bank of India has hiked repo rate by 190 basis points since May.

Ashiana Housing Ltd is one of the leading real estate firms in the country. With presence across 9 cities, Ashiana Housing has constructed and delivered over 23 million square feet serving over 15,000 families.

Last week, Ashiana Housing had announced an investment of 92 crore to develop the first phase of its senior living new project at Bhiwadi in Rajasthan. The company launched a new project ‘Ashiana Advik’, which is meant for senior citizens, in Sector 39, Bhiwadi.

The project, spread over 16.9 acres of land, will have a total of 910 housing units. The first phase of the project will have 192 units.