On the back of rising demand from those above 60 years during the pandemic, Max India Ltd's arm Antara Senior Living is planning to invest over Rs 300 crore over the next four years for its existing and new lines of businesses that include residences for seniors, a chain of assisted living care homes and services.
These are expected to come up in Delhi-NCR, Mumbai, Pune, Hyderabad, Bengaluru and Chennai.
The company opened its first 30-bed Care Home in Gurugram on July 15. This will be followed shortly by another Care Home launch in South Delhi. Antara plans to set up a chain of 35-40 such care homes in the next three years that will operate with an asset-light model. Of these, around 10 are expected to specialise in Memory Care.
“The current launch is a part of Antara’s strategic shift towards becoming an integrated service provider for all senior care needs,” said Antara Senior Living MD & CEO Rajit Mehta.
“Our vision is to be able to come up with independent residences in the next five years covering three clusters - Delhi NCR, Mumbai/Pune and the south cluster (Bengaluru/Hyderabad/Chennai) and then build about 30 care homes in the three clusters and 10 memory care homes," he told Moneycontrol.
The total capital invested in all these services –residences for seniors, Care at Home and Care Homes and the medical care products will be about Rs 300 crore over the next three to four years, he added.
The Care Homes and Care at Home services will cater to seniors over the age of 55, who need more immersive interventions in their daily lives due to medical or age-related issues.
Antara’s Care Homes will include healthcare and monitoring services with round the clock nursing support from medically trained care professionals, daily doctor consults, vital monitoring, medication administration and emergency response protocol, regular physical activity, physiotherapy, and counselling sessions.
The second new line of business, Care at Home services will provide well-equipped, medically trained professionals who can offer seniors the care needed inside their own home’s comfort. The initial set of services under the Care at Home business include critical care, physiotherapy, rehabilitation, nursing, GDA, and diagnostics.
Antara will also provide Med Care Products such as respiratory aids, wheelchairs, walking sticks, and other consumables to help address the diverse needs of seniors and ensure quality stay for its residents.
The company already has an existing business line of residences for seniors.
Antara is currently present in the senior living space with residences for seniors already operational in Dehradun. It has recently launched a project in Noida for which it has tied up with a landlord to develop this 4-acre project, located at Sector 150, Noida.
The apartments are spread across 1500 sq ft carpet and the cost is about a crore. “These are fully furnished apartments available for outright purchase. We have sold 50 units so far and intend starting construction later this year. We intend handing over possession in four years. The company is targeting a sales revenue of around Rs 550 crore over the next four years,” Mehta said.
The company has launched 340 apartments in Noida as part of the first phase.
The potential market size of Assisted Living Services in India is estimated at about $1 billion. The Indian consensus suggests the share of elders as a percentage of the total population in the country will have increased from around 7.5 percent in 2001 to almost 12.5 percent by 2026 and surpass 19.5 percent by 2050. Of the current 120 million senior population, 40 million have vision-related problems, 3.7 million have diabetes and 1.7 million have cardiovascular ailments.
Established in 2013, Antara Senior Living, a wholly-owned subsidiary of Max India, is being led by Tara Singh Vachani, who is the executive chairman.
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