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Tata Housing to expand its presence in the senior living segment

New Delhi, Mon, 03 Mar 2014 NI Wire

After successfully testing the senior living concept with launch of Riva Residence’s in Bangalore, Tata Housing Development Company Limited, India’s fastest growing real estate developer, today announced its expansion plans for the senior living brand Riva Residence’s. Tata Housing is planning to invest around 1200 crores to increase its penetration in top 8 cities of India by 2018. The newly launched projects would be a part of Tata Housing’s current townships in and around Ahmedabad, Mumbai, Kolkata, Chennai, National Capital Region amongst other locations.

While the majority of population in India is below the age 30, we still have over 98 million people over the age of 55 with a steady growth of 3.5 per cent per annum. As per the United Nations data India would have about 118 million people over the age of 60 years by 2017.

Commenting on the expansion plans, Mr. Brotin Banerjee, MD and CEO, Tata Housing said, “Gone are the days when Indians after retirement thought of sitting at home and leading a passive life. 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 inquiries from various locations in the first month of the launch of Riva at Bangalore. The expansion in this segment is a socially conscious decision by the company along with our mission to create projects basis the needs and requirement of our consumers.”

Riva Residences has been planned with modern utility-based design facilities, services and ambience, to specially cater to the requirement of its senior residents. Riva is a promise of an active community dwelling and is crafted to care and ensure comfort, security, privacy and also enables all its residents to lead an independent and a secure life, above all spreading happiness and joy to its residence.

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