Tata Housing, on Monday, said it planned to invest Rs.1,200 crore for developing 13 housing projects for senior citizens in the next five years. The company had already launched its first project, Riva Residences, in Bangalore and work for similar projects would soon commence in more cities, including Chennai, Ahmedabad, Mumbai, Kolkata, Delhi and Pune.
“There are 98 million people of 60 years and more in India and this number is going to double by 2030. Homes for senior citizens will be a very good and viable market for real estate developers...The demand was clear to us as we received more than 4,000 inquiries from various locations in the first month of the launch of Riva at Bangalore,” Tata Housing Managing Director and CEO Brotin Banerjee told journalists here.
“Today’s globetrotting Indian consumer is aware of international standards and is demanding an active lifestyle after retirement,” he said. “We will be investing Rs.1,000-1,200 crore by 2018 to develop 13 projects across 8 cities...We will construct over 2,000 retirement homes,” he said, and added that people of 55 years and above could only reside in these projects.