Tata Housing to bring ‘Riva’ scheme for senior citizens to 8 cities
04 Mar 2014
Tata Housing, a unit of Tata Sons, today said it will invest Rs1,200 crore on developing houses specially designed for senior citizens. The projects would be part of Tata Housing's current townships in these cities.
It plans to develop 12 projects in eight cities, including Ahmedabad, Mumbai, Kolkata, Chennai, and Delhi NCR, the company announced in Ahmedabad today.
The company tested the senior living concept with the launch of Riva Residences in Bangalore, and is now implementing the concept in other cities.
While a unit for senior citizens in Bangalore is priced between Rs45 lakh and Rs60 lakh, it would vary in other cities. "The prices of this kind of houses are going to be more expensive by 3 per cent than existing houses made in the townships in all cities. All units would be either 1 or 2 BHK," said a Tata Housing official. In Indian realty speak, BHK stands for bedroom, hall, and kitchen.
The project has been planned with design facilities suited to modern utilities, services and ambience to specially cater to the requirement of its senior residents.
"Today's globetrotting Indian consumer is aware of international standards and is demanding an active lifestyle after retirement. The demand was clear to us with Tata Housing receiving more than 4,000 enquiries from various locations within the first month of the launch of Riva at Bangalore," said Brotin Banerjee, managing director and chief executive Tata Housing.
The realty arm of the Tata Group is seeking to increase its presence in the country's top eight cities and increase its market share to 25 per cent by 2018.
The company had received more than 4,000 inquiries in the first month of the launch of Riva Residences Bangalore.