NEW DELHI: Primus Senior Living and HDFC Capital have formed a partnership to launch a ₹2,000 crore senior living platform aimed at developing communities across six Indian cities: Mumbai, Chennai, Delhi, Hyderabad, Bengaluru, and Pune.
The two companies will co-promote the platform as an equity partnership, with joint investments in various projects.
Adarsh Narahari, founder and managing director of Primus Senior Living, mentioned that the structure is still being formulated, but the partners are considering establishing project-level special purpose vehicles.
The ₹2,000 crore fund is expected to be invested over the next two years, with plans to deploy ₹1,000 crore in six projects during the current financial year.
Narahari indicated that the platform welcomes opportunities to acquire land and engage in joint development agreements, with Primus serving as the sole operating partner for all initiatives.
The assets will be developed through both ownership and rental models, although the rental model is expected to dominate.
“The platform will largely be driven by a rental model due to the significant growth potential in this sector. Long-term rental yield assets represent the future of senior living communities,” he stated.
Vipul Roongta, CEO of HDFC Capital, emphasized the existing shortage of long-term institutional capital in the senior living sector, despite favorable demographic trends.
