Senior Living: 300 Crore by Max India’s Antara to be invested for Care Homes chain

300 Crore by Max India’s Antara to be invested for Care Homes chain: Senior Living

The Max group company- Antara Senior Living is set to launch two new lines of business- ‘Care Homes’-rental accommodations designed for the elderly, and ‘Care at Home’- to provide services for the old people at home and independent apartments. Antara 2.0 is the name of the programme under which the company is going to revamp the business.

Antara Senior Living MD & CEO Rajit Mehta, said to Surfaces Reporter, “The current launch is a part of Antara’s strategic shift towards becoming an integrated service provider for all senior care needs.”

The company is planning to invest over Rs 300 crore by the next 3-4 years for its existing and new lines of businesses that include residences for seniors. This action was taken to support the rising demand from those who are above 60 years old during the COVID-19 pandemic.

It was on July 15, when the company opened its first 30-bed Care Home in Gurugram, which is followed by the another Care Home that is planned to be launched in South Delhi. In the coming 3 years, Antara is planning to set up a chain of 35-40 care homes. Of this, around 10 are expected to specialize in Memory Care. 

 “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," told Rajit Mehta.

These services- Care Homes and Care at Home- will especially cater to seniors over the age of 55, who need more monitoring and interventions in their daily lives due to health or age-related issues.

According to Rajit Mehta, Antara’s new line of business- Care Homes and Care at Home services will offer healthcare facilities, 24- hour care nursing support from medically trained health care professions, medication administration, daily doctor consults, physiotherapy, rehabilitation, regular exercise, counselling sessions and medication administration and emergency response protocol.

Antara will also provide medical care products like wheelchairs, walking sticks, respiratory aids and other consumables to fulfil the diverse needs of the elderly and ensure a quality stay for its residents.

The company already has a resort-style apartment complex for seniors in Dehradun and it has recently launched another project at Sector 150, Noida. For the first phase, the company has launched around 340 apartments in Noida.

These are spread across 1500 sq ft carpet and the cost is about 1 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.

Founded in 2013 and led by the executive chairman- Tara Singh Vachani, Antara Senior Living is an Indian enterprise wholly-owned by Max India that provide retirement communities and independent senior living spaces in India.  

Text Courtesy: Money Control News

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