Reputable real estate builders of Calcutta are warming up to a new class of asset — senior living residential development, offering an upscale and facility-rich version of the old age homes.

Targeted at elderly couples and individuals who are living alone, the developers are building on the success of a pioneering project done by HIDCO in Rajarhat and coming up with their own ventures in the city.

One such senior living project went underway on Sunday on Diamond Harbour Road while at least one more is in the pipeline. Ravindra Chamaria led Infinity Group has come up with ‘Jagriti Dham’ on a 2 acre plot inside Merlin Greens, 11 km south of IIM Joka where 72 units are on offer.

Ambuja Realty is also on the look out for a suitable piece of land to develop a senior living project, company’s CMD Harsha Vardhan Neotia said. The group has already tied up with a senior living facility provider, Columbia Pacific Communities, who would manage the property when it comes up.

A few other developers are also on the look out for a suitable opportunity to venture into this segment, which are popular in the western hemisphere and caught on in other parts of the country, even though the payback period on the investment could be long.

Infinity Group, which spent Rs 35 crore on Jagriti Dham, does not expect immediate return. “I am looking at it from a CSR (corporate social responsibility) point of view as of now. I do not see any return in the next 5-7 years,” Chamaria, who is credited with building the first private tech park in Sector V, Salt Lake, said.

However, if the model becomes successful, Chamaria may consider replicating it.

For the target audience, Jagriti Dham is following the same model which is practised at HIDCO’s ‘Snehodiya’. The occupiers have to stump up an upfront deposit and a monthly charge which takes care of the food, laundry, electricity among others. Nurses and attendants are posted to tackle medical emergencies and the property has ties with doctors and hospitals. Deposits are refundable, after a deduction, when the occupier leaves the property.

“There are many families in the city, especially Salt Lake, where elderly couples are staying while their kids have settled down elsewhere. After a point, it becomes very difficult for them to manage everything. We realised that there is a need for a senior living development and came up with Snehodiya,” a senior HIDCO official said.

The property which became operational in June 2019, has 200 rooms, including single and double occupancy. Typically, senior living projects are offering units sized between 250-500 square foot.

Neotia, however, said multiple models exist in this space, including outright sale. However, the facilities of a senior living will still be provided to the occupants at a cost.

“Assisted living as an asset class would soon have many players who would develop assets at various price and product positioning.

“Developing an assisted living product and running it are two specialised skill-sets hence like hospitality, this asset class will have builders developing the project and specialised operators managing it.

“As the society matures, demand for this product will gradually increase. There is already a latent demand but not enough products in the market,” said Abhijit Das, senior director (east), Knight Frank.