Tata Group's realty firm Tata Housing Development Company Thursday announced its foray into housing for senior citizens with launch of first project in Bangalore with an investment of about Rs 70 crore (Rs 700 million).
The 4.5-acre project 'Riva Residences' will have 187 units where only a person with age of 55 and above can reside. The project is part of Tata Housing's 25 acres township.
"Tata Housing's mission is driven by the desire to delight our customers by providing quality life spaces through continuous innovation. In the same spirit, Riva is our effort to create a special offering for the seniors of our society," Tata Housing MD and CEO Brotin Banerjee said in a statement.
The project has been planned with modern utility-based design facilities, services and ambiance to specially cater to the requirement of its senior residents.
When contacted, a company's senior official said that there would be 187 dwelling units in the project dedicated for senior citizen.
The total investment on this project would be Rs 70 crore and expected revenue is about Rs 95 crore (Rs 950 million), he added.
Asked about the selling price, the official said it would be Rs 45 lakh (Rs 4.5 milllion) all inclusive for one bedroom flat with 800 sq ft area and Rs 65 lakh (Rs 6.5 million) for two-bed room flat having 1,200 sq ft area.
The company plans to develop more housing projects for the senior citizens across the country, he added.
Tata Housing, a subsidiary of Tata Sons, currently has 55 million sq ft of area under various stages of planning and execution and an additional 19 million sq ft in the pipeline. It is offering products ranging from Rs 500,000 to Rs 14 crore (Rs 140 million).