Primus Senior Living to invest ₹2200 crore to develop senior living projects across six cities

Primus Senior Living to build senior living projects in Bengaluru, Kolkata, Pune, Mumbai, Hyderabad and Chennai priced between ₹60 lakh and ₹3 crore

Published on: Feb 17, 2025, 09:49:40 IST

By Souptik Datta

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Real estate company Primus Senior Living plans to invest over ₹2200 crore to develop 5 million sq ft of senior living homes in India within five years, Adarsh Narahari, founder and MD, Primus Senior Living told HT.com.

Real estate company Primus Senior Living plans to invest over ₹2200 crore to build 5 million sq ft of senior living homes in India within five years, Adarsh Narahari, founder and MD, Primus Senior Living told HT.com.

(Representational photo) (Pixabay) — Real estate company Primus Senior Living plans to invest over ₹2200 crore to build 5 million sq ft of senior living homes in India within five years, Adarsh Narahari, founder and MD, Primus Senior Living told HT.com. (Representational photo) (Pixabay)

This will include 4500 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 ticket size of the projects will be between ₹60 lakh and ₹3 crore. Mumbai will have homes priced between ₹1.5 and ₹3 crore, and southern cities will have homes priced between ₹70 lakh and ₹1.5 crore.

Special features in the senior living units include anti-skid flooring, wheelchair-accessible doors, and special bathrooms to accommodate seniors' needs. These apartments also feature public announcement systems in common spaces and emergency bells in each unit."

Also Read: Here's why south Indian cities such as Bengaluru, Chennai and Hyderabad dominate demand for senior living housing

Majority of homes in southern India

Narahari said about 66% of the upcoming launches will 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 considering areas like Sarjapura Road and Whitefield in the east and north.

He said high land costs and the unavailability of land parcels are the reasons we cannot build homes close to the city centre.

Also Read: Bengaluru real estate: Here’s why founders say it is easier to launch a startup than find an apartment in the IT capital

Do senior living homes command a premium?

Narahari said senior living apartments have a 30% premium rental charge over regular apartments. Typically, these assets have a rental yield of 4 to 4.5%, while a regular apartment will have about 2-3%.

The company witnessed over 30% growth in the number of seniors who want to invest in the product 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 is people in India who invest to move in after retirement.

Last year, in a seed fundraising round managed by General Catalyst, the company raised $20 million with Gruhas and Nikhil Kamath's Zerodha.

According to Narhari, the funds will create a platform dedicated to senior citizens’ healthcare within senior living projects.

ABOUT THE AUTHOR
Souptik Datta
Souptik Datta is a deputy chief content producer at Hindustan Times Digital, where he reports on southern India with a focus on real estate, urban infrastructure and environmental urban issues. His coverage tracks the intersection of policy, capital flows, regulation and sustainability, examining how these forces shape housing markets, commercial real estate and large-scale infrastructure development across rapidly transforming cities. He also closely tracks civic issues affecting urban residents, including property taxation, planning approvals, public transport expansion, water stress, waste management and the governance challenges that influence everyday life in India’s metros. Souptik’s reporting is driven by a strong interest in accountability, consumer rights and the lived realities of homebuyers and investors navigating volatile pricing cycles, regulatory changes and project delivery risks. He frequently analyses project launches, land monetisation strategies, planning frameworks, RERA-related developments and the broader implications of infrastructure investments on emerging growth corridors. His work blends on-ground reporting with data-backed analysis and long-form explainers aimed at demystifying complex real estate and infrastructure developments for readers. He is an alumnus of the Indian Institute of Journalism and New Media. Before joining Hindustan Times Digital, Souptik was associated with Moneycontrol at Network 18, where he covered real estate, infrastructure and allied sectors, producing market insights, policy-led stories and in-depth features. Outside the newsroom, Souptik is an avid solo traveller and documentary enthusiast, exploring diverse regions and visually documenting unique narratives through film and photography. In his early career, Souptik also freelanced as a documentary photographer, independently working on visual storytelling projects that captured grassroots narratives, urban change and everyday life. He can be reached at souptik.datta@htdigital.in.Read More

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