Primus Senior Living, a real estate company, plans to invest over ₹2200 crore to develop 5 million sq ft of senior living homes across India over the next five years, according to Adarsh Narahari, founder and MD of Primus Senior Living. The development will include 4,500 homes in Bengaluru, Kolkata, Pune, Mumbai, Hyderabad, and Chennai.
“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,” Narahari said.
The project ticket size will range from ₹60 lakh to ₹3 crore. Homes in Mumbai will be priced between ₹1.5 crore and ₹3 crore, while those in southern cities will range from ₹70 lakh to ₹1.5 crore.
The senior living units will include special features such as anti-skid flooring, wheelchair-accessible doors, and bathrooms designed to meet the specific needs of seniors.
Narahari said about 66% of the upcoming launches would be in Bengaluru, Hyderabad, and Chennai.
“We see a good demand for senior homes in southern India. This also comes with awareness and acceptance of the concept,” he added.
For Bengaluru, the company is exploring locations such as Sarjapura Road and Whitefield in the east and north.
Narahari explained that high land costs and a lack of available land parcels prevent them from building homes near the city centre. He also noted that senior living apartments carry a 30% higher rental charge than regular apartments. These properties typically offer a rental yield of 4 to 4.5%, while regular apartments yield around 2-3%.
The company has observed a growth of over 30% in the number of seniors interested in investing in these properties for rental purposes.
“We see two kinds of people here: one who is staying abroad, 45-50 years old, and already has ancestral properties. They invest in senior living products in India and rent them out before they move back and occupy it themselves,” Narahari said.
The second group consists of people in India who invest in these properties with plans to move in after retirement.
Last year, General Catalyst managed a seed fundraising round that raised $20 million for the company, which received investments from Gruhas and Nikhil Kamath’s Zerodha.
According to Narhari, the funds will help create a platform providing healthcare services to senior citizens within senior living projects.
