Senior Care Firm 'Primus Senior Living' aims to develop Senior Homes in 6 Cities

Within five years, the real estate firm Primus Senior Living intends to invest more than Rs. 2200 crore to build 5 million square feet of senior living facilities in India.

4500 residences in Bengaluru, Kolkata, Pune, Mumbai, Hyderabad, and Chennai would be included in this.

The projects' ticket prices will range from Rs. 60 lakh to Rs. 3 crore. Homes in southern cities will cost between Rs. 70 lakh and Rs. 1.5 crore, while those in Mumbai will cost between Rs. 1.5 and Rs. 3 crore.

Adarsh Narahari, Founder and CEO, Primus Senior Living says, "We have 1.5 million already under different stages of construction; the rest are yet to be launched. We will have five projects in Bengaluru, three in Chennai, two in Mumbai, one in Hyderabad and Pune, and three in Kolkata".

The senior living units have unique features including wheelchair-accessible doorways, anti-skid carpeting, and bathrooms designed to meet the needs of the elderly. Additionally, these buildings have emergency bells in each apartment and public announcement systems in the communal areas.

According to Narahari, Bengaluru, Hyderabad, and Chennai would host roughly 66% of the next launches.

The business is thinking about Bengaluru's eastern and northern regions, such as Whitefield and Sarjapura Road.

He claimed that the inability to develop dwellings near the city center is due to the high cost of land and the scarcity of land parcels.

Senior living apartments are 30% more expensive to rent than conventional apartments, according to Narahari. These assets typically produce 4 to 4.5% in rental income, compared to 2-3% for a typical flat.

The number of seniors who wish to purchase the product for rental reasons has increased by more than 30%, according to the business.