Tata Housing, a subsidiary of Tata Sons, will invest Rs 1,200 crore for developing houses specially designed for senior citizens. It plans to develop 12 projects in eight cities including Ahmedabad, Mumbai, Kolkata, Chennai, NCR.
The projects would be part of Tata Housing's current townships in these cities.
The company which tested the senior living concept with launch of Riva Residences in Bangalore is implementing the concept in these projects.
While a unit for senior citizens in Bangalore is priced between Rs 45 lakh and Rs 60 lakh, it would vary in other cities. "The prices of this kind of houses are going to be expensive by 3% or more compared with existing houses made in the townships in all cities. All units would be either 1 or 2 BHK," said a Tata Housing official.
The project has been planned with modern utility-based design facilities, services and ambience to specially cater to the requirement of its senior residents. "Today's globetrotting Indian consumer is aware of international standards and is demanding an active lifestyle after retirement. The demand was clear to us with Tata Housing receiving more than 4,000 enquiries from various locations within the first month of the launch of Riva at Bangalore," said Brotin Banerjee, MD & CEO of Tata Housing.