MUMBAI: Riding high on the growing demand of housing for senior citizens, realty player Ashiana HousingBSE 0.56 % plans to expand its retirement housing segment in three more cities in next three years, a senior company official said.
The New Delhi-based firm already has three senior citizen living projects in its portfolio in three cities including Jaipur, Bhiwadi (Delhi NCR) and Lavasa in Pune, under the brand Ashiana Utsav, and now plans to set up one more in Bhiwadi and one each in Kolkata and Chennai, its joint managing director Ankur Gupta told PTI here.
"The concept of retirement homes is evolving in India, but not at a similar pace as it is in other countries. But as the demand is growing here, we plan to expand our presence in this space," he said.
The company expects to have a significant share of sales in terms of area from this segment, he said.
"This year we plan to sell around 25 lakh sqft of area. Over the next three years, by when these projects are expected to come on stream, we expect to sell nearly 30-35 per cent of the total area in this segment," Gupta said.
According to property consultant Jones Lang LaSalle, the number of elderly population is expected to grow to 173 million by 2025, which is now being looked at as a potential real estate market.
"Given the scope of growing number of senior citizens who wish to spend a luxurious retirement life, this segment itself is lucrative business opportunity," Gupta said.
"We try to cater to the special requirements of senior citizens, including wheelchair-friendly campus, social, medical and spiritual needs, recreation etc. They are also provided with facilities like restaurant, convenience store, library, TV hall, Internet cafe, auditorium, rooms to play cards and table tennis and follow hobbies," he said.
The BSE-listed firm will be launching the Chennai and Kolkata projects next year and later in Bhiwadi.
"We have a land bank in Bhiwadi where we already have one senior citizen living project and the new project will come in the same vicinity. In case of Kolkata and Chennai, we plan to do it on joint development basis," he said.
The company, which is also present in the middle income segment, has so far delivered 118 lakh sqft and nearly 97.3 lakh sqft is under development.