Realty firm Vera Vita Living LLP will invest around Rs 250 crore to develop a housing project for senior citizens in Hyderabad amid rising demand for such homes. The company will build 256 flats in the 2.5-acre project 'Amaya'.
This is the first project by the newly set-up Vera Vita Living LLP, founded by Arudradev Rao, Dhruv Badruka and Tanay Saboo.
The project, located at Outer Ring Road near the Kandlakoya reserve forest, will have preventive healthcare, recreation, dining and concierge services for elderly people.
"We will be investing around Rs 250 crore to develop these senior living homes," Saboo told PTI.
This is the first project in the 13-acre master plan, he said, adding that the company would launch more properties.
Saboo said the company would fund construction costs from internal accruals.
The apartment cost ranges from Rs 85 lakh to Rs 2.5 crore.
Saboo said the demand for senior homes remains strong in South India, including Hyderabad.
He said the company is looking to develop more senior living projects.
The company is evaluating opportunities in Visakhapatnam, Bengaluru, Chennai, Coonoor and Pune as part of its expansion strategy.
"Senior living in India is changing. Today's seniors are financially independent, well-travelled, socially active and attentive to health and wellness. They want thoughtfully designed communities where they can continue to live independently, pursue their interests and enjoy a fulfilling life," said Badruka.
According to real estate consultant Colliers India, Real estate developers and investors have committed investments of more than Rs 13,000 crore since January last year to build senior living homes.
These investments will materialise during the next 3-4 years.
