Antara, a wholly-owned subsidiary of Max India Group, plans to invest Rs 300 crore to scale up its senior living homes business after the demand for senior living homes shot up post the Covid-19 outbreak.
The company will also enter the assisted care services segment soon. “We have already sold 1/3rd of our inventory after the COVID-19 pandemic broke out. In Dehradun as well, where we had already sold 70% of the inventory, both inquiries and sales have risen,” said Antara Senior Living, MD & CEO, Rajit Mehta.
Under the Antara brand, the firm will roll Assisted Care Services totaling to over 35-50 care and memory care homes with over 1200 beds. The firm has also entered into a joint development agreement with Noida-based LOGIX Group to set up senior homes in Noida comprising 550 units priced above Rs 3 crore each.
“The upward growth projections clearly signify the untapped market potential that this segment holds. The potential market size of assisted living services in India is estimated at about $1 billion,” he said. The firm is targeting a sale revenue of around Rs 550 crore over the next four years from the assisted living and senior home segment.
In India, senior care services are still at a nascent stage but are expected to pick up due to the direct impact of the pandemic on the elderly population.
The Indian consensus suggests the share of elders as a percentage of the total population in the country will have increased from around 7.5% in 2001 to almost 12.5% by 2026 and surpass 19.5% by 2050.
“The demand for senior living homes has further heightened as the Covid-19 outbreak has accelerated the need for dependable, specialized, and professional services and solutions for seniors,” said Mehta.
Max Group has a presence in life insurance, health, and allied businesses as well as packaging and real estate sectors. Besides senior living, it is also into the commercial real estate segment. According to Anarock research, there are at least 40 senior living projects by the top 14 players within this niche segment across the country – either under construction or completed and occupied.
Of this, nearly 26 projects are located in the southern region of the country with nearly 65% of the overall senior living projects located within the region. Ashiana Housing and the US-based Columbia Pacific group are major players in the senior living segment, among others.