NEW DELHI: Realty firm Ashiana Housing has tied up with Arihant Foundation & Housing to develop a residential project for senior citizens in Chennai with an investment of Rs 225 crore.

In a statement on Tuesday, Ashiana Housing said it has partnered with Arihant Foundations & Housing Ltd to introduce 'Swarang', a senior living project in Chennai.

The total investment is estimated to be about Rs 225 crore and sales realization is expected at Rs 450 crore, the company said.

In the first phase of nearly 11-acre project, the company is developing 134 units. The price ranges from Rs 84 lakh to Rs 2.08 crore.

The project is expected to be completed in phases, with the first phase scheduled for completion by September 2027, as per RERA regulations.

Ankur Gupta, Joint Managing Director of Ashiana Housing, said the company is launching its ninth senior housing project in India and third in Chennai.

"Swarang, a sophisticated property with its unique features and prime location in Nemmeli, where the backwaters meet the sea, is set to meet the growing needs of Chennai's senior community with a luxury of sophisticated living," he added.

Established in 1979 and headquartered in New Delhi, Ashiana Housing Ltd is one of the leading real estate developers in the country.

With over 50 projects across senior living, premium homes, and kid-centric homes, Ashiana has a strong presence in nine cities, having delivered over 23 million square feet and served more than 15,000 families, the statement said.