DELHI: Tata Housing today said it will invest Rs 1,200 crore over the next five years on developing 13 housing projects for senior citizens.
Tata Housing - a subsidiary of Tata Sons - has already launched the first project 'Riva Residences' in Bangalore and will now expand presence in the senior living segment by taking the concept to eight more cities.
"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," Tata Housing Managing Director and CEO Brotin Banerjee told reporters here.
Stating that the company received good response for its first senior living project in Bangalore, he said the company has decided to expand in this segment by adding more projects in its ongoing and future townships.
"We will be investing Rs 1,000-1,200 crore by 2018 to develop 13 projects across 8 cities," he said, adding that people of 55 years and above can only reside in these projects.
Noting that the market size of retirement homes is poised to reach Rs 4,000 crore by 2018, he said that "we are targeting to capture 25 per cent of the total market size of 2018".
These projects would be in Ahmedabad, Mumbai, Kolkata, Chennai, National Capital Region and Pune.
Banerjee said the company would construct 1,500-2,000 retirement homes in these 13 projects.
Elaborating on Riva Residences, he said the company has tied up with Apollo for health services. Tata Capital, Central Bank and Axis bankBSE 1.14 % have been roped in for providing loans to potential customers.
Tata Housing is currently developing 70 million sq ft of area and an additional 19 million sq ft is in pipeline.
The company has ventured into Maldives market and is actively exploring other markets including Sri Lanka and other South Asian countries.
Banerjee said Tata Housing is growing at a compounded annual growth rate ( CAGR) of 75-80 per cent in last six years.