I
n a bid to cater to the growing demand for senior living spaces, Primus Senior Living is set to revolutionize the Indian real estate landscape. By 2029, the company aims to develop a staggering 5 million sq ft of senior living homes across six major cities - Bengaluru, Kolkata, Pune, Mumbai, Hyderabad, and Chennai - with an investment of ₹2200 crore.

    The project will comprise 4500 homes, with 66% of them set to be launched in southern India's thriving hubs of Bengaluru, Hyderabad, and Chennai. "We're witnessing a surge in demand for senior living spaces in the south, driven by increased awareness and acceptance of this concept," said Adarsh Narahari, founder and MD of Primus Senior Living.

    The ticket size of these projects will range from ₹60 lakh to ₹3 crore, with Mumbai's homes priced between ₹1.5 and ₹3 crore, and southern cities offering options between ₹70 lakh and ₹1.5 crore. Each unit will boast special features such as anti-skid flooring, wheelchair-accessible doors, and bathrooms designed to cater to seniors' needs.

    Interestingly, senior living apartments command a 30% premium rental charge over regular apartments, with a typical rental yield of 4-4.5%. The company has witnessed a remarkable 30% growth in the number of seniors investing in these properties for rental purposes. "We're seeing two distinct types of investors - those who invest abroad and rent out their properties before moving back to India, and Indians who invest with plans to move into these homes post-retirement," Narahari explained.

    To further enhance the senior living experience, Primus Senior Living has secured $20 million in funding from General Catalyst, Gruhas, and Nikhil Kamath's Zerodha. This investment will be utilized to create a dedicated healthcare platform within their senior living projects, catering to the unique needs of seniors.