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Ashiana Housing is a realty player unlike its peers. It does not build in any of the top cities – in fact, it consciously avoids them. Ashiana has no debt, is cash flow positive and its RoCE at 40 per cent during the last three years is the highest among its peers. First recommended in our August 2011 issue, Ashiana has gained nearly 50 per cent since our buy call. Why you should buy Ashiana Housing? Focus on tier II and III cities: Ashiana has focused on cities such as Bhiwadi, Jaipur, Jamshedpur, Halol (Gujarat) and Patna. Typically, the company has invested in towns that are developing into industrial hubs and those that are turn

This article was originally published on January 30, 2013.