New Delhi-based real estate developer – Ashiana Housing Limited – is foraying into Gujarat’s real estate with its first project at Halol near here.

The BSE-listed company is investing Rs 100 crore as it is identifying Gujarat’s industrial clusters as the key destination for its upcoming residential reality projects in the state.

To begin with, the company has plans to set up over 500 units of residential housing projectspread across 10.65 acres in Halol.

“We have taken 10.65 acres land parcel in Halol to develop our first residential project in Gujarat. Land has been converted into non agriculture land,” Ashiana Housing Limited’s vice-president Sunit Gandhi said here on Tuesday while addressing media persons, adding that the land is situated in Kanjari village of Halol taluka.

“Over the years, Gujarat has emerged as the most preferred investment destination. Besides, Ahmedabad and Surat the location which will undergo a sea change and is witnessing sizeable growth is Halol – at the outskirts of Vadodara, the third most populated city of Gujarat,” said Gandhi, adding that with the presence of top multinational companies from varied industries, Halol has opened up doors of opportunities for real estate development.

The company which has developed luxurious residential properties in Lavasa near Pune, expects to receive the remaining approvals for the launch of the Halol project shortly where it is developing low-rise affordable group housing project with total saleable area of nearly 6.40 lakh square feet.