New Delhi: Max India Ltd has launched a real estate venture that will cater to affluent senior citizens, it said on Friday.

Antara Senior Living Ltd, the real estate arm of Max, will build its first project in Dehradun on a budget of Rs520 crore. The 20-acre project will consist of apartments costing between Rs1.25 crore and Rs4.5 crore, apart from penthouses at Rs7 crore.

As average life expectancy improves in India, companies are seeking to tap senior citizens with products and services targeted at them. The number of senior citizens is estimated to rise to 118 million by 2016 from 98 million in 2011.