Antara Senior Living to launch new services for elderly as part of revamp1 min read . Updated: 14 Jul 2020, 11:19 PM IST
The focus on the segment has also improved because of the covid-19 pandemic and its impact on the elderly
Max India Ltd’s subsidiary Antara Senior Living is set to launch its new projects Care Home and Care at Home this week as part of the company’s attempt to revamp its business under a programme it has dubbed ‘Antara 2.0’, Rajit Mehta, managing director and chief executive officer, told Mint in an interview.
The Max Group company plans to invest around ₹300 crores over the next 3-4 years to expand the various branches of its business—'Care Homes’ that are rental accommodations designed for the elderly, ‘Care At Home’ that provide services for the elderly at home and independent apartments made specially for the elderly. The company already has resort-style apartment complex in Dehradun and is building another in Noida.
Over the last six to nine months, the company was already working on the ‘Antara 2.0’ programme which envisaged having integrated services like medical and daily care for the elderly at one place, Mehta said.
“Antara started looking at this integrated ecosystem about six to nine months back, and we looked to create all the products and services that the elders might need. So if you want to live in a community, at some resort or condominium like place, then we have Dehradun for you. If you want to live closer home then we are setting up Noida..., and if you need assistance in your daily chores and basic medical needs, for that we are setting up ‘Care Homes’," Mehta said.
The focus on the segment has also improved because of the covid-19 pandemic and its impact on the elderly, who were found to be particularly vulnerable to the respiratory disease.
Over the next three to five years, Antara plans to have around 30-40 Care Homes across the country for short-term and long-term rents, and start work on about half a dozen independent apartment complexes across the country, he said.
The target customer for Antara Senior Living is a family earning about ₹15 lakh per per annum. with the typical monthly rent for most services around ₹1 lakh, and Mehta expects that even in this niche segment there is enough demand.
After the divestment of its stake in Max Bupa Health Insurance and hospital chain under Max Healthcare, the Max Group decided to focus on primarily three business—life insurance under Max Financial Services Ltd, real estate under Max Ventures and Max India Ltd’s subsidiary Antara Senior Living.