Ashiana Housing has entered into an area share agreement for development of 8.56 acres of land situated in Tehsil Pal, Jodhpur. The land will be utilised to develop a residential colony.    

The land is currently an agricultural one and the company plans to receive the requisite clearances in the next six months and start development thereafter.    

Ashiana had earlier acquired this land parcel in 2007. However, it has now decided to sell the land parcel due to absence of proper access to the land that would remained undevelopable for the near term. In a separate transaction, the company has acquired a land parcel measuring over an acre at Alwar district in Rajasthan. Ashiana has acquired this land parcel in an auction conducted by Urban Improvement Trust, Bhiwadi.    

Ashiana is planning to utilise the land parcel to develop a residential project comprising of 4 & 5 bedroom apartments with retail units on the ground floor. The total saleable area in this project will be approximately 1,20,000 sq ft, Ashiana said in a separate filing on stock exchanges.    

The Company plans to receive the requisite approvals in the next three months and start development thereafter.