JK Urbanscapes Developers Limited, the real estate arm of the JK group, has entered into the senior living development segment with a 2.6 acre project, Advait, in sector 50, Gurgaon, said a senior executive.
Promoted by Abhishek Singhania, the company plans to execute two-three senior living projects in the National Capital Region and is also exploring other markets such as Hyderabad, Bangalore and Kolkata.
It has formed a 50:50 joint venture with Pioneer Urban Land and Infrastructure Limited, a Gurgaon-based real estate company promoted by Manish Periwal.
“While we plan to aggressively expand in the real estate business, senior living projects is something we will do under the joint venture. The community will be for active seniors, with a lot of focus on how to engage people living there in various activities,” said Maneesh Mansingka, designated partner of the joint venture.
The Pioneer JK Senior Living LLP will take up senior living projects across the country.
The first project, Advait, will have 164 apartments, and the company expects revenue of more than Rs 500 crore from it. It entails investment of about Rs 200 crore.
Senior living residences have witnessed an increase in demand after two waves of Covid-19, as a younger set of customers are now booking these facilities.
“A lot of seniors actively work even after getting retired. We will have a business centre in the project and will tie up with nearby colleges so that the students can come to the facility and learn from elders. Similarly, those living here will be given an opportunity to go to the college and share the experience with students,” said Mansingka.
While demand for under-construction facilities has doubled, there is a waiting period for ready-to-occupy projects as most of the units were sold during the second wave of Covid-19.
The majority of the elderly population, despite their financial resources, had been left to manage without house help or to deal with medical emergencies during the pandemic. This pushed many people in this age group to seek a house in a senior living facility.
The features that people are looking for in senior citizen homes include a wheelchair friendly campus, anti-skid flooring and an entrance with peepholes. Also desired are a convenience store in the vicinity or within the campus, banking facility nearby, holistic healthcare and easy access to medical assistance.
According to Housing.com research, southern cities have about 70% share of the overall senior living projects in India, with Bengaluru, Chennai, Kochi and Coimbatore leading the tally, followed by the west and north.
Ashiana Housing, Columbia Pacific Communities and Max Group’s Antara are major developers in this segment.
Most of the developers in this segment offer either outright purchase or rentals with a security deposit and monthly charges.
In India, the number of people aged 60 and above is expected to increase to 320 million in the next three decades from the current 139 million.
Source : ET