Primus Senior Living partners with HDFC Capital for Rs 2,000 Cr investment platform
The joint initiative aims to build senior living assets across six leading cities in the country through both ownership and rental-led formats
Primus Senior Living and HDFC Capital have partnered to create a Rs 2,000 crore platform that aims to build institutional-grade senior living communities across key Indian cities and help establish senior living as a mainstream asset class.
According to a statement, the platform will develop assets across six major Indian cities through both ownership and rental-led formats with the aim of offering greater flexibility and accessibility to seniors seeking convenience, independence and community living without the commitments of home ownership.
Primus Senior Living highlighted that the senior population in the country is projected to reach 346 million by 2050, driving a significant increase in demand for quality senior living solutions. Despite this growing need, the sector remains substantially underserved. The platform seeks to create age-friendly communities that promote health, wellness, social engagement and independent living for senior citizens.
Adarsh Narahari, Founder & Managing Director, Primus Senior Living & Marzi said, “Primus is currently developing and operating senior living communities across India. We are witnessing strong demand from seniors seeking active, independent and community-oriented lifestyles. HDFC Capital brings deep expertise in housing, patient capital and long-term approach to sector building. Their conviction in the senior living opportunity reinforces our belief that this category is poised for significant growth and institutionalisation in India.”
The statement noted that investment builds on HDFC Capital's strategy of being present across the entire spectrum of housing. Within HDFC Capital's strategy of building scalable and professionally managed housing platforms, Senior Living is a key focus area along with student housing and industrial worker housing.
Vipul Roongta, CEO, HDFC Capital said, “The sector continues to face a shortage of long-term institutional capital for the development of purpose-built senior living communities despite favourable demographic trends. Through our partnership with Primus, we aim to build institutional-quality communities that support active ageing while establishing senior living as a scalable residential asset class in India."
Primus Senior Living which is backed by General Catalyst and Nikhil Kamath has presence in Bengaluru, Chennai, Hyderabad, Mumbai and Kolkata.