The stake in Ashiana, which has a market capitalisation of $343 million is Creador’s 14th investment. The transaction was done via Creador’s affiliate Idria Ltd.
Ashiana is a leading developer in the mid-income housing segment in North India, with a reputation for offering premium quality housing options in upcoming industrial towns, Creador’s statement said.
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The firms said Ashiana, led by the team of Vishal, Ankur and Varun Gupta, had demonstrated a 33% compounded annual growth rate in the area booked between fiscal years 2010 and 2014.
Ashiana has 13 ongoing projects with a saleable area of 6.4 million sq ft, scheduled for delivery in the next two to three years, and plans to develop another 15 projects with a saleable area of 8.4 million sq ft by 2020.
In its track record, Ashiana has successfully established its presence in North Indian – Rajasthan, Delhi NCR and Jharkhand – and has delivered over 10.7 million sq ft of residential and commercial space, providing homes to over 8500 families.
Creador founder and CEO Brahmal Vasudevan said: “Creador is delighted to have this opportunity to partner with Vishal, Ankur and Varun in shaping Ashiana’s next phase of growth.
“All three of them are passionate entrepreneurs, who have developed Ashiana into a leading brand in the mid-income housing space delivering high-quality homes.”
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Ashiana managing director Vishal said: “We were impressed by the deep understanding of Ashiana that Creador demonstrated. I am sure they will add significant value to the future success and growth of Ashiana.”
Ashiana is a leading developer in the mid-income housing segment in North India with a reputation for offering premium-quality housing options in upcoming industrial towns, which is fuelled by accelerating urbanisation and growing aspirations of the middle class in India.
The real estate player’s strategy is to identify upcoming towns where demand for modern houses is high as well as to venture into newer housing concepts like senior living homes.