Ashiana Housing has restructured its land agreements at Panvel in Maharashtra, cancelling an earlier perpetual lease arrangement with Caroa Properties LLP and replacing it with two separate agreements to accelerate its senior living project development.
The company has executed an Agreement to Sell for 6.02 acres and an Agreement to Perpetual Lease for 1.03 acres at the same location. Both parcels are adjacent and situated in Panvel, Maharashtra.
On the 6.02-acre plot, Ashiana Housing plans to develop a senior living project with a floor space index (FSI) potential of 7,00,000 square feet. The remaining 1.03-acre parcel carries an FSI potential of only 5,000 square feet. The restructuring replaces the earlier perpetual lease agreement for the complete 7-acre parcel that was reported to stock exchanges on 5th April 2025.
The company intends to seek necessary approvals and launch the senior living project by the fourth quarter of fiscal year 2027. Caroa Properties LLP remains the counterparty to both new agreements.
Ashiana Housing confirmed that there is no shareholding relationship with Caroa Properties LLP, and the transaction does not constitute a related party arrangement. The party is also not connected to the company’s promoter, promoter group, or group companies in any manner.
The senior living segment represents a strategic expansion area for the company, aligning with demographic trends and growing demand for elderly care housing in metropolitan regions. The Panvel location offers proximity to Mumbai’s expanding suburban markets.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).