Antara to set up Rs 550 cr facility for senior citizens

Antara Senior Living, part of diversified Max India Group, will develop a sprawling residential facility at Dehradun for rich senior citizens entailing an investment of Rs 550 crore.
The state-of-the-art facility for people of 60 years and above would have apartments in the price range of Rs 1.5 to 4.5 crore.
The project is expected to be complete by last quarter of 2015.
"The first of its kind facility would provide complete care to senior citizens. At Antara, we hope to change the quality of life of people and make life easy for people in the age group," Antara Senior Living CEO Tara Singh said here.

Spread across 20 acres, the community would comprise 217 apartments with 1-3 bedrooms and about 50 wellness suites. Besides, it would have 3 penthouses priced at Rs 7 crore each.
Talking about investments, Singh said the total project cost would be about Rs 550 crore, of which Rs 115 crore would come from the parent Max India and the rest would be raised through debt.

The apartments would be built in the range of 1,400-5,000 square feet and the monthly maintenance payment would be Rs 29,000 plus Rs 16 per sq ft.
"People in this age group (of senior citizens) mainly want complete care and protection, whether it is the super rich or the middle class. The net worth of the customer willing to possess the apartment should be at least Rs 5 crore," Singh said.

Antara would employ 260 people initially and would train them specially to make them adept in providing services to senior citizens.
The community would have facilities for arts and crafts, library, pottery and badminton and tennis courts to engage the occupants and help them lead an active social life, she said.