Luxury housing for senior citizens takes off in India
July 03, 2013
Antara Senior Living, a new business venture of Max India Ltd is launching a high-end senior living community in Dehradun.
Tara Singh, CEO of Antara Senior Living, says that there are 98 million senior people in India today, and the growth rate of this segment has been pegged at 3.8 per cent. Antara is aiming for upper crust seniors, promising them “lifestyle with life care”.
Residents can wake up to glorious views of the Mussoorie hills, dig into special meals cooked by chefs in a 50,000 sq ft clubhouse, be pampered in the spa, work out with a personal trainer in the gym, plan an outing at the nearby natural reserve forests of Rajpur, Galiwari, Rikhauli and Chamasari or spend the afternoon indulging in a long list of arts and crafts, sports and entertainment options.
The idea behind a community took shape in 2010. “The project is a combination of three things. One is knowing this was an opportunity, two, seeing the huge gap there was in India in terms of service offerings for this demographic, and lastly, creating something unique,” says Singh.
The potential of the senior living market has attracted several entrepreneurs such as Ashiana, which has developments in Delhi, Jaipur and Pune, to Tata Group’s realty firm Tata Housing Development Company, which has announced a 4.5 acre project called Riva Residences, which will have 187 units, where only a person above 55 can reside.
According to B Sridhar, director, social infrastructure practice, Jones Lang LaSalle India, there are currently 30 senior living projects in India in cities such as Chennai, Kochi, Coimbatore, Bangalore, Kolkata, Hyderabad and Mumbai.
At Antara, a potential resident must be over 60 years and have a net worth of at least Rs 5 crore. The Dehradun project, spread over 20 acres, is being built at a cost of Rs 520 crore. It comprises apartments ranging from one to three bedrooms as well penthouses. While the apartments are priced between Rs 1.25 crore to Rs 4.5 crore each, the three penthouses are for Rs 7 crore each.
Residents will find that they can shake off daily chores such as cleaning, grocery shopping, cooking and laundry and don’t have to worry about their health being monitored. Though they may not notice the reasons, it will be easier to move around the property, thanks to the specialised design.
One of the reasons for choosing the current location for the community in Dehradun is its proximity to Max Hospital. Healthcare support will also come from a health centre across the road and Antara will have a team of caregivers for seniors.
Singh’s greatest challenge may come from Indian tradition, where younger members of the family have the duty of caring for elders. Singh says that Antara targets “progressive, independent seniors” who would prefer living in such a community.