From ET Realty
BENGALURU: With more people eager to live comfortable and carefree retired lives, property developers in Bengaluru are increasingly focusing on addressing the needs of this segment, known as senior living.
As offspring follow the rainbow out of their hometowns, in search of better careers and lifestyles, the proud go-getter generation is trying to ensure its sunset days are not spent being desolate and marginalized. The retirement home, a popular concept in the West, is gaining momentum in India as well. Mantri Developers, Ozone and Brigade have already moved into this category and are building community projects on the city suburbs. Mantri set up a separate company, Mantri Primus Lifespaces, two years ago to focus on senior living.
Ozone’s Urbana, an integrated township in the northern suburbs of Bengaluru, has a portion dedicated to seniors, named Serene Living. Brigade Orchards, also located in Devanahalli, names its seniors project Parkside Homes.
“We haven’t taken a real estate approach but a services approach, as these are not old age homes but a way to free up the retirement phase for individuals,” Adarsh Narahari, managing director, Mantri Primus, said. He said only those who are 55 years old are allowed to stay.
Mantri has two types of senior living homes– Primus Eden which is leased, and Primus Reflection which can be purchased -in Kanakapura. The company has leased 45-50 of its 75 apartments, and sold about 80 apartments in Reflection. For a lease, the company takes a refundable deposit of Rs 25 lakh and charges Rs 25,000 per person. It provides a food and beverages centre, medical facility, concierge, daily housekeeping and gymnasium.
Tata Housing’s Riva Residences consists of 187 units, of which 127 are sold, according to the company. These are 2-3 BHK apartments, with prices starting at Rs 50 lakh.
Brigade’s Parkside Homes consist of 160 apartments, 90% of which are sold and possession is expected early next year. “High-profile corporate retirees are moving in,” residential chief executive Om Ahuja said.
These homes find three types of buyers -senior corporate executives who book together to plan their retirement, those who stay abroad and worry about parents living in independent houses, besides senior citizens who don’t have a support mechanism, said Ahuja.