Senior living is set to see an influx of projects in the coming years. While real estate players have shown interest in the segment, existing players are also looking at expansion.

NCR-based Assotech Realty has said that it will launch a project soon, while Tata Housing, which launched a project in Bangalore last year, has earmarked ₹1,200 crore for 12 projects across eight cities by 2018.

Rising population According to the Census of India projections, the percentage of elders in the country would jump from 7.4 in 2001 to 12.4 in 2026 and touch 19.7 per cent in 2050.

A Jones Lang Salle report estimates that the population of people above 60 in India will touch 240 million by 2050. Hence, industry players believe that this space could see phenomenal growth.

Private players Private entities already present in the sector are Ashiana Housing Ltd – which has three projects in Bhiwadi, Jaipur and Lavasa – Paranjape Schemes, Impact Senior Living Estate, Covai Properties, Brindavan Senior Citizen Foundation and Classic Promoters, among others.

Tata Housing had last year announced Riva Residences, a 4.5-acre project in Bangalore, which offers 187 housing units to people above the age of 55. The company has plans to expand its presence in the senior living segment by investing around ₹1,200 crore by 2018 with 12 projects across eight cities.

“Tata Housing is planning to construct over 2,000 retirement homes and the newly launched projects would be a part of the company’s current townships in and around Ahmedabad, Mumbai, Kolkata, Chennai and the National Capital Region, among other locations,” said Brotin Banerjee, MD & CEO, Tata Housing Development Company.

Varied offerings NCR-based Assotech Realty too has plans to enter the space with 2.5-3 acre project which it will announce by the year-end. Neeraj Gulati, Managing Director, Assotech Realty, said, “We are currently shortlisting sites in Noida and Gurgaon and plan to invest Rs 50-60 crore (excluding land cost) to construct about 150-200 housing units.”

The lease model project, which will offer units to the elderly at ₹1-1.5 lakh a month, is expected to be ready by end 2016, he added.

The NCR-based Golden Estate, which pitches itself as a service provider selling an environment and lifestyle (and not real estate) for the elderly, has a 75-unit property in Faridabad on rental model.

Naveen Arora, GM, Sales and Marketing, The Golden Estate, said, “We are looking at building bigger facilities in Gurgaon, Mohali and Hyderabad which would cost ₹80-100 crore per project.” One can opt for their services at the Faridabad property at ₹27,000-28,000 for a single individual and ₹33,000 for a couple, apart from a deposit.

Antara Senior Living, part of diversified Max India Group, is also developing a ₹520-crore (including land cost) facility at Dehradun for senior citizens.

Kenneth Sannoo, Director, Community Development, Antara Senior Living, said, “The 20-acre project is in construction stage and is expected to be ready for moving in by second quarter of 2016.”

It will offer 216 apartments ranging from 1 BHK to penthouses. One can buy a housing unit by paying an amount ranging from ₹1.35 crore to ₹8 crore and in addition pay ₹45,000 to ₹1.2 lakh as a monthly cost for stay.

While the company is focussing on getting this pilot right, Sahni added that it would concentrate on the northern region in the coming five years.

Growing demand With the market size of retirement homes poised to reach ₹4,000 crore by 2018, the players are geared to cater to the growing demand.

“Tata Housing aims to capture 25 per cent of the total market size by 2018,” Banerjee said.

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