Covia launches Rs 80-cr retirement housing project in Hyd

Size of apartments would range from 732 sft to 1,519 sft, with prices being between Rs 20.86 lakh and Rs 60 lakh

Coimbatore-based geriatric housing provider, Covia Senior Care Constructions, launched Serene MAK, a self-centered gated and guarded community for retired citizens, in Hyderabad on Tuesday.

Serene MAK, with a project size of Rs 80 crore, will come up within Covia’s Banyan Tree Retreat, a 150-acre, 300-unit gated villa project abutting the Srisailam highway.

“Spread over three acre, Serene MAK will comprise 250 apartment units. Homes at the project will be ready for occupation by the middle of 2016,”  PB Anandapadmanabhan, chief executive officer of Covia, told mediapersons.

While city-based MAK Projects will undertake the construction part of the project, Covia will take care of the design, marketing and management of the retirement community venture.

The size of the apartments would range from 732 sft to 1,519 sft, with the prices being between Rs 20.86 lakh and Rs 60 lakh.

Covia has so far delivered over 500 retirement houses across Coimbatore, Bangalore, Chennai, Puducherry and Kanchipuram.

The retirement community projects will have amenities and facilities like a la carte and diet food options, trained care givers for home assistance, ambulance facility, concierge services and battery-operated vehicle for campus commuting.

“The movement of ownership-based retirement communities is still young in India. It, however, is set to gain momentum with the increased economic activity,” he said, adding the company was targeting to deliver 1,000 more such homes by the end of the next financial year.