Mahindra Lifespaces Leases Land to Ashiana Housing for Senior Living

Mahindra Lifespace Developers Ltd has transferred 15.64 acres of residential land on perpetual lease to Ashiana Housing Ltd., a leading developer of homes for senior living in India.  With the proposed development, Mahindra World City (MWC), Chennai, which is already home to more than 2500 families across multi-format residences, will offer a wider array of residential options ranging from value homes to the mid – premium segment, and now senior living. Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “India’s fast-growing elderly population coupled with rising nuclearization of families means that serviced senior living is currently an underserved and high-growth segment in residential real estate.  With ready social infrastructure including a hospital, a retail zone, hotels and restaurants and a world-class club, Mahindra World City Chennai is an ideal destination for senior living amidst natural, suburban, environment-friendly surroundings.  This first-of-its-kind planned, integrated city with a thriving business district will enable improved quality of life for senior citizens in a supportive, community environment. We welcome Ashiana to MWC Chennai to address this exciting opportunity.” Speaking on the partnership, Ankur Gupta, Joint Managing Director, Ashiana Housing Ltd. stated, “We are delighted on the prospect of partnering with Mahindra Lifespaces. With this partnership, it will be our endeavour to continue the legacy built by Ashiana Housing in the space of Senior Living. We were also rewarded the top position for the fifth consecutive year by BrandXReport 2020-21 in the Senior Living Homes category. We are heartened by this opportunity which will help strengthen our development portfolio in Chennai, expanding our footprints in the State. I am confident that with this collaboration, we will be able to provide a superior experience of assisted living to our senior customers and cater to our goal of providing holistic well-being to them. We look forward to a constructive and a successful partnership.”