Ashiana Housing, a Four Decade Old Real Estate Developer to Invest Rs 420 Crore Over Next Three Years in Bhiwadi, Rajasthan

Delhi based Ashiana Housing has signed a memorandum of understanding with the Rajasthan government to spend Rs 420 crore in the city of Bhiwadi over the next three years for the construction of residential buildings.

The Memorandum of Understanding was inked at an investment event in Rajasthan's Alwar district. On this occasion, Shakuntala Rawat, Minister of Industries, and Col Shantanu Haldule, VP, Ashiana Housing, Bhiwadi & Neemrana, exchanged memorandums of understanding.

"The investment will contribute to the enhancement of the city's appearance via high-end technical solutions that will make life easier for our citizens," Haldule said.

The MoU reaffirms Ashiana's commitment to investing in and developing new initiatives, as well as to improving living in tier 2 cities.

The organisation has a large presence in the National Capital Region (NCR) and Rajasthan. Ashiana has already established a significant presence in the planned city of Bhiwadi, which falls within the NCR's jurisdiction, in the categories of comfort houses, senior living spaces, and kid-centric homes.

Ashiana Housing has announced a 7% growth in its FY 2021-22 sales reservations to Rs 573.25 crore. According to a regulatory filing, sales bookings for the fiscal year 2020-21 were Rs 534.68 crore.