Antara Senior Living, part of the $4-billion Max Group, has teamed up with a developer in Hyderabad to create a 1.3-million square foot senior living project. Antara already has projects in Dehradun, Noida, and recently added one in Gurugram after a three-year gap.
The company is expanding its focus on the southern market, planning a 1 million square foot project in Bengaluru. “The Bengaluru project will have 450-500 apartments, and the Hyderabad project will have about 750-800 apartments. We have a waitlist for our existing projects, so it’s important to expand,” said Rajit Mehta, CEO and managing director of Antara.
Antara is also exploring partnerships in Chennai. “We see that buyers are now more open to purchasing senior living apartments. Even the children of potential residents are supportive of buying these apartments for their parents’ safety,” Mehta added.
According to real estate consultant Colliers, India currently has about 20,000 units in the organized senior housing sector, which is only a 1% penetration rate. This shows a large gap between demand and supply. In contrast, countries like the US, UK, and Australia have more established senior living markets with 6-7% penetration rates.
Antara has also partnered with Max Estates to develop its first integrated senior living facility in Gurugram. This project will be a unique “inter-generational” facility, where Antara will offer advisory services for design, training, marketing, and sales.
The company plans to start phase-2 of its Noida project as phase-1 is nearly complete. It also aims to expand into other areas. Under its assisted care services, Antara plans to open three care homes in Bengaluru with a total of 200 beds.
In India, private developers offer senior living facilities through apartments and villas in two formats: independent living and assisted living.
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