To build senior living projects in six locations, Primus Senior Living will invest ₹2200 crore
By Bricksnwall | 2025-02-17
Primus Senior housing would construct senior
housing complexes with prices ranging from ₹60 lakh to ₹3 crore in Bengaluru,
Kolkata, Pune, Mumbai, Hyderabad, and Chennai.
Adarsh Narahari, the founder and MD of Primus
Senior Living, told HT.com that the real estate business intends to invest more
than ₹2200 crore to build 5 million square feet of senior living houses across
India in the next five years.
4500 residences in Bengaluru, Kolkata, Pune, Mumbai, Hyderabad, and Chennai would be included in this. "We currently have 1.5 million in various phases of building; the remaining ones have not yet been released. According to Narahari, we will have five projects in Bengaluru, three in Chennai, two in Mumbai, one each in Hyderabad and Pune, and three in Kolkata.
The projects' ticket prices will range from ₹60
lakh to ₹3 crore. Homes in southern cities will cost between ₹70 lakh and ₹1.5
crore, while those in Mumbai will cost between ₹1.5 and ₹3 crore.
The senior living units have unique features
including wheelchair-accessible doorways, anti-skid carpeting, and bathrooms
designed to meet the needs of the elderly. Additionally, these buildings have
emergency bells in each apartment and public announcement systems in the
communal areas.
The projects' ticket prices will range from ₹60
lakh to ₹3 crore. Homes in southern cities will cost between ₹70 lakh and ₹1.5
crore, while those in Mumbai will cost between ₹1.5 and ₹3 crore.
The senior living units have unique features
including wheelchair-accessible doorways, anti-skid carpeting, and bathrooms
designed to meet the needs of the elderly. Additionally, these buildings have
emergency bells in each apartment and public announcement systems in the
communal areas.
According to Narahari, Bengaluru, Hyderabad, and
Chennai would host roughly 66% of the next launches.
"In southern India, there is a significant
need for elder residences. This also entails understanding and embracing the
idea," he continued.
The business is thinking about Bengaluru's eastern
and northern regions, such as Whitefield and Sarjapura Road.
He claimed that the inability to develop dwellings
near the city center is due to the high cost of land and the scarcity of land
parcels.
Are senior living facilities expensive?
Senior living apartments are 30% more expensive to
rent than conventional apartments, according to Narahari. These assets
typically produce 4 to 4.5% in rental income, compared to 2-3% for a typical
flat.
The number of seniors who wish to purchase the
product for rental reasons has increased by more than 30%, according to the
business.
Two types of people are present here: one is 45–50
years old, staying overseas, and already owns ancestral homes. Before they
return and live in themselves, they rent out the senior living products they
invest in in India, according to Narahari.
The second is Indians who make investments to
relocate there after they retire.
Gruhas and Nikhil Kamath's Zerodha helped the firm raise $20 million in a seed funding round run by General Catalyst last year.
Source: Hindustan Times
