Hiranandani forays into senior living with GTB Group
Spread across 4.5 acres with a development potential of 1 million sq. ft., the project will feature 400 residences, to be developed in two phases.
Niranjan Hiranandani Group
CHENNAI: Communities, a Niranjan Hiranandani Group initiative, on Tuesday announced its strategic entry into the emerging asset class of premium senior living with the launch of ‘Elements’ at Hiranandani Parks, Oragadam, an integrated township in Chennai.
Spread across 4.5 acres with a development potential of 1 million sq. ft., the project will feature 400 residences, to be developed in two phases. Each residence will be designed with 2 BHK units of approximately 700 sqft, priced from Rs 60 lakh onwards. The overall project value is estimated at Rs 300 crore.
Niranjan Hiranandani, founder-chairman, Hiranandani Communities, “The launch marks a pioneering collaboration between Hiranandani Parks and GTB Developers, aimed at creating a world-class, wellness-driven ecosystem tailored for senior citizens."
India’s senior population is projected to reach 194 million by 2031, the senior living segment represents a high-growth, under-penetrated real estate opportunity.
Hiranandani Parks, Oragadam, pegs an ambitious topline revenue of Rs 4,000 crore, developing nearly 100 acres of prime real estate aligned with Oragadam’s strong growth trajectory in the next five years, he added.
Bharat Doshi, chairman, GTB Urban Developers, added:“This partnership exemplifies the power of synergy. It brings together the scale of Hiranandani to the detail of GTB.”
Arun Bharathi, MD, GTB Urban Developers, said:“Elements at Hiranandani Parks will be one of the finest retirement cmmunities in the country, blending community living with the advantage that technology has to offer us for modern care.”
Spanning 360 acres, Hiranandani Parks is a thriving township that has already delivered 1,500 apartments, 55 acres of plotted developments, and 65,000 sq. ft. of operational retail space. With luxury residences delivering rental yields of up to 7 per cent, the highest in Chennai, the township continues to attract both homeowners and investors. The next phase of development spanning 100 acres will include upmarket apartments, villas, plots, and commercial components.