Realty firm Ashiana Housing has acquired nearly 16 acres of land from Mahindra Lifespace Developers in Chennai to develop a senior living housing project with an expected sales revenue of over Rs 600 crore in the next six years, a top company official said.

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In a regulatory filing, the Delhi-based firm on Thursday said the company has "acquired a piece of land measuring 15.64 acres on perpetual lease basis from Mahindra Lifespaces within the township of Mahindra World City at Chennai (Tamil Nadu)".

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The company proposes to develop a senior living project on this land. Ashiana Housing did not disclose the value of the deal.

When contacted, Ashiana Housing Managing Director Vishal Gupta said the company will develop a senior living housing project on this land parcel.

"We expect to launch the project in the third or fourth quarter of the next fiscal year after getting all the regulatory approvals," he told PTI.

Gupta said the company would develop 12-13 lakh sq ft area in this project, comprising around 1,000 units.

He said the company expects a sales revenue of Rs 600-650 crore from this project, which will be developed in phases over the next 5-6 years.

"The demand for senior living housing is very strong in Tamil Nadu," Gupta said.

This will be the second senior living project in Chennai. The company is already developing one project in the city comprising around 1,000 units.

Gupta said the company is looking for more land for expansion of its business and is open for both outright purchase and joint ventures with landowners.

Ashiana Housing has a presence in Jaipur, Bhiwadi, Jodhpur, Jamshedpur, Neemrana, Sohna, Lavasa, Pune, Halol, Chennai and Kolkata.

The company posted a net profit of Rs 4.08 crore last fiscal year as against a loss of Rs 28.95 crore in the previous year. Total income fell to Rs 259.31 crore in 2020-21 from Rs 317.32 crore in 2019-20.