Tata Housing plans retirement homes in eight cities
Recently, Tata Housing declared it is planning to invest Rs.1, 200 crore for developing 13 housing projects for senior citizens in the next five years. In Bangalore by the name of Riva Residences, the company had already launched its first project and work for similar projects would soon commence in more cities, including Chennai, Ahmedabad, Mumbai, Kolkata, Delhi and Pune.
Tata Housing Managing Director and CEO Brotin Banerjee told journalists, “There are 98 million people of 60 years and more in India and this number is going to double by 2030. Homes for senior citizens will be a very good and viable market for real estate developers. The demand was clear to us as we received more than 4,000 inquiries from various locations in the first month of the launch of Riva at Bangalore.”
He added, Today’s globetrotting Indian consumer is demanding an active lifestyle after retirement, as he is aware of international standards. To develop 13 projects across 8 cities they will be investing Rs.1,000-1,200 crore by 2018.He further added that construction of over 2,000 retirement homes is scheduled and that people of 55 years and above could only reside in these projects.
Brotin Banerjee also mentioned that by 2018, the market size of retirement homes is poised to reach Rs.4, 000 crore as they are targeting to capture 25 per cent of the total market size of 2018.
The company’s recently introduced projects would be part of the current townships in and around Ahmedabad, Mumbai, Kolkata, Chennai, National Capital region among other locations. By 2018 the market share of 25% is targeted by it.
Riva Residences had been planned with modern utility-based design facilities, services and ambience, to specially cater to the requirement of its senior residents, as told by Mr. Banerjee, Tata Housing, and a subsidiary of Tata Sons. They have also joined up with Apollo for health services, while Tata Capital, Central Bank and Axis bank have been roped in for granting loans to prospective customers.
Source: The Hindu
Ahmedabad, Axis Bank, Bangalore, Brotin Banerjee, Central bank, Chennai, Delhi, India, Indian consumer, International standards, Kolkata, Mumbai, Pune, Real Estate Developers, retirement homes in India, Riva Residences, senior citizens, Tata Capital, Tata Housing, Tata Housing retirement homes, tata sons
