Senior housing offers a life of style, living with like-minded peers and doing things that one never had the time to do earlier- Says Mr. Brotin Banerjee, MD & CEO, Tata Housing
Tata Housing Development Company Limited, established in 1984, is a closely held public limited company and a subsidiary of TATA Sons Limited. TATA Sons Limited holds 99.86% of equity share capital of the company. Since its revival in 2006, the company has grown exponentially establishing itself as the fastest growing real estate developers in India, with 55 million sq.ft under various stages of planning and execution and an additional 19 million sq.ft in the pipeline. It announced its new business initiative by launching Riva Residences, one of India’s largest integrated residential complex for the senior emeritus in Bengaluru.
Talking about the launch of this project and a new business initiative of the company, Mr. Brotin Banerjee, MD and CEO, Tata Housing shared with MakaanIQ his views on senior housing:
1. What scope does Bangalore have for senior housing?
According to a recent JLL report, almost 9% of Bangalore’s population is above 60 years of age and the market size for retirement communities is estimated to grow by Rs. 2,000 crore next year. Senior Living as a concept is fast gaining recognition, especially with the breakdown of traditional joint families and more and more youth migrating in search of jobs or education.
This presents a good opportunity for developers to understand the needs of this population and build upon it, and thus many developers are exploring the IT city to develop retirement homes on its outskirts that boast of a temperate climate with nature in close proximity.
2. How is senior housing different from other gated communities?
Services offered in a senior living home should include healthcare centers, parks, meditation centers, activity center with indoor games, wellness centers like spa, apart from grocery mart etc. The biggest factor to consider is the ample safety and security measures that are provided in these retirement homes, keeping in mind the welfare of senior citizens. Some senior living homes offer reading rooms, temple, amphitheater, and professional housekeeping or gardening services at extra cost. Keeping in mind the lifestyle changes our 'elders' are going through, these retirement homes boast of movie screens that play 'Maid In Manhattan', rather than 'Mother India'.
The entire housing complex is professionally maintained, with services offered on a monthly payment basis. Certain developers also offer retirement homes on a rental basis, where this rent covers boarding and lodging, apart from specific services like 24*7 help, food, on-call nurse etc.
3. How different is Tata Housing from other senior housing property players?
When developing senior living homes, developers especially need to understand the needs of this population and thus it is expected that most retirement homes are located in towns that offer healthy and green living conditions. It is important to stress that this over-60 population is not looking for these retirement homes to break-away or rest; these homes offer a life of style, living with like-minded peers, doing things that one never had the time to do earlier.
Given these changes, Tata Housing, when developing retirement homes, will offer customized amenities and a like-minded peer group, offering a perfect lifestyle solution to this young, recharged and rejuvenated population.
4. How many takers so far for senior housing?
Research suggests that demand for such senior homes is over three lakh units in urban centres and currently, only 3,000 units are available in the market. These homes cost about 15 to 20 per cent more than other houses in the same segment, besides charging a monthly maintenance — ranging between Rs 3,000 and Rs 10,000 — for the services offered to senior residents.
The concept of senior living is slowly gaining traction in India, but unlike in the West, it will take a bit longer for this market to mature here. However, as mentioned earlier, with the breakdown of the traditional concept of families, and with an increase in disposable incomes, this senior community is gradually inclining towards this idea and accepting it without any social stigma attached to it.
5. What are the demographics of people who opt for this concept? Their background etc?
Buyers for senior living homes could be self-sustained retired/about-to-retire people (or in the age group of 50 and above), those whose children reside away from them or outside India, senior NRIs accustomed to such facilities in developed countries and now returning to their home country. Most of these consumers would have been influenced by their Western peers to have accepted this idea of living and are now willing to adapt this concept wholeheartedly.
6. What is the roadmap for Tata Housing with regard to senior housing in Bangalore?
We have launched Riva Residences, one of India’s largest integrated residential complexes for the senior emeritus in Bengaluru. Strategically located off Tumkur Road, Riva Residences offers spacious 1 & 2 BHK residences and is designed by International Architects. Riva offers wellness, comfort, safety, security and recreational facilities, all dedicated to new age living and an exclusive lifestyle club amidst serene surroundings and life in elegance.
The senior living residential complex specially caters to the requirement of its senior residents. It is a promise of an active community dwelling and is crafted to care and ensure comfort, security and privacy. This particular section under the residential real estate enables all its residents to lead an independent and a securelife.