Tuesday, July 7, 2015

Beauty at Sites


Beauty in Bangalore is no longer skin deep. Nor it is in the eye of the beholder. It is not connected with the skin at all – it is the land. The depth spans one or two cellar floors and several floors above the ground. The beholder is the real estate fraternity.

House sites in Bangalore have turned beautiful during the past decade or so. People are now used to read the site Advertisements with the adjective ‘beautiful’. The site has become a beautiful sight for many.

Small sites appear to be most beautiful for some since the price is still below the double-digit lakh.

Brides in matrimonial Advertisements may not claim themselves to be beautiful, but the site their parents can part with could be the real beauty depending upon its location and size. In this context, large sites are more beautiful.

Let us ponder a little. What are the features, which contribute to make a site beautiful? The terrain, location, jurisdiction are but a few of many features.

Terrain seems to matter little. Even a deep ravine is OK, as it does not require much digging for cellar. Soft soil on an ex-tank bed can also be accepted since the excavation is easy.

Location holds the real key to beauty. Sites closer to business centres are the most beautiful. Next in rank are the sites of prestigious roads. Other factor is the distance from City Market, M.G. Road, Vidhana Soudha and Majestic. These distances are mentioned depending upon the geographical location of the site. Fewer Kilometers would contribute to more beauty.

Sites located within Corporation limits command the highest level of beauty followed by BDA, Sanitary Boards, Gramathana, Attibele, Hosur and the Wilderness. Sites where only electricity and transport are within easy reach are not so beautiful right at the moment, but can blossom into real beauties in the next decade.

Corner sites are a class by themselves. These are the beauty queens. These are, by precedence, amenable for violation of all building codes.

Ex-manure pits and cow dung heaps are also becoming beautiful. Today these exude a sweet fragrance of currency.

There are no ugly sites in and around Bangalore. There are some ugly sights over, which real estate fraternity has no control.

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Monday, July 6, 2015

Bangalore Metropolitan Region Development Authority




People are aware of the existence of BDA because of its allotment of sites, but not aware of BMRDA, which is an equally important institution which has powers to approve layout building plans.  BMRDA is formed under BMRDA Act to provide for the establishment of an authority for the purpose of planning, co-ordinating and supervising the proper and orderly development of the areas within the Bangalore Metropolitan Region and to provide for matters connected therewith.

Powers and Functions of BMRDA:

1. To carry out a survey of the Bangalore Metropolitan Region and prepare reports on the surveys so carried out.
2. To prepare a structure plan for the development of the Bangalore Metropolitan Region.
3. To cause to be carried out such works as are contemplated in the structure plan.
4. To formulate as many schemes as are necessary for implementing the structure plan of the Bangalore Metropolitan Region.
5. To secure and co-ordinate execute of the town planning scheme and the development of the Bangalore Metropolitan Region in accordance with the said schemes.
6. To raise finance for any project or scheme for the development of the Bangalore Metropolitan Region and to extend assistance to the local authorities in the Region for the execution of such project or scheme.
7. To do such other acts and things as may be entrusted by the Government or as may be necessary for, or incidental or conducive to, any matters which are necessary for furtherance of the objects for which the Authority is constituted.
8. To entrust to any local authority the work of execution of any development plan or town planning scheme.
9. To Co-ordinate the activities of the Bangalore Development Authority, the Corporation of the city of Bangalore, the Bangalore Water Supply and Sewerage Board, the Karnataka Slum Clearance Board, the Karnataka Electricity Board, the Karnataka Industrial Areas Development Board, the Karnataka State Road Transport Corporation and such other bodies as are connected with development activities in the Bangalore Metropolitan Region.

Permissions Required for development activities:

1. Notwithstanding anything contained in any law for the time being in force, except with the previous permission of the Authority, no authority or person shall undertake any development within the Bangalore Metropolitan Region of the types as the Authority may from time to time specify, by notification published in the official Gazette.
2. No local authority shall grant permission for any development referred to in sub-section(1), within the Bangalore Metropolitan Region, unless the Authority has granted permission for such development.
3. Any authority or person desiring to undertake development referred to in sub-section (1) shall apply in writing to the Authority for permission to undertake such development.
4. The authority shall, after making such inquiry as it deems necessary grant such permission without any conditions or with such conditions as it may deem fir to impose or refuse to grant such permission.
5. Any authority or person aggrieved by the decision of the Authority under sub-section (4) may, within thirty days form the date of the decision appeal against such decision to the State Government, whose decision thereon shall be final: Provided that, where the aggrieved authority submitting such appeal is under the administrative control of the central Government, the appeal shall be decided by the state government, after consultation with the Central Government.
6. In case any person or authority does anything contrary to the decision given under sub-section (4) as modified in sub-section (5) the Authority shall have power to pull down, demolish or remove any development undertaken contrary to such decision and recover the cost of such pulling down, demolition or removal from the person or authority concerned.

Generally developers will overwhelm the public with dream offers, colourful literature, attractive prices and incredible incentives. With persuasive charm they will convince that buying plot is the bargain of your lifetime, a chance not to be missed. But be on your guard, Make absolutely sure that your developer has the approval of the appropriate authorities. Unapproved Layouts could cause you problems. You could land in difficulties with the Authorities as your layout does not fulfil legal requirements of the Land Revenue Act, the Land Reforms Act, the Town and Country Planning Act and BMRDA Act. You will also be liable to pay various statutory fees and levies which have not been paid by the developer. Unauthorised layouts are often without basic amenities and do not conform to Town planning requirements. They may lack proper roads and open spaces which should be about 50% of the total area, as stipulated by the law. Such layouts will prove to be inconvenient in the long run and have little resale value.

The authorities to approve layouts are:

1. The Bangalore Metropolitan Region Development Authority (BMRDA) – for Bangalore Urban and Rural Districts and Malur Taluk of Kolar District excluding the areas covered by BDA, BIAPPA and other LPA’s.
2. The Bangalore International Airport Area Planning Authority (BIAAPA) – for its local planning area which includes the area of proposed new airport and its environs.
3. The Ramanagaram – Channapatna Urban Development Authority (RCUDA) – for Ramanagaram – Channapatna Local Planning Area.
4. Nelamangala Local Planning Authority – for Nelamangala Town & its environs.
5. Magadi Local Planning Authority – For Magadi Town & its environs.
6. Kanakapura Local Planning Authority – LPA of Kanakapura.
7. Anekal Local Planning Authority – LPA of Anekal.
8. Bangalore Mysore Infrastructure Corridor Area Planning Authority (BMICAPA).

Directions by the Authority.

1. The Authoirty, may, in order to carry out the development plans and schemes formulated under section 9 or any town planning scheme may issue direction to the Bangalore Development Authority, Bangalore Water Supply and Sewerage Board, Karnataka Power Transmission Corporation and such other bodies as are connected with developmental activities in the Bangalore Metropolitan Region. The directions issued by the Authority shall prevail over any directions issued by the Bangalore Development Authority under section 53 of the Bangalore Development Authority Act 1976 (Karnataka Act 12 of 1976).
2. Notwithstanding anything contained in any other law for the time being in force, every such direction shall be complied with by the body to whom it is issued. On failure, it shall be competent for the Authority to take necessary action to carry out the directions issued under sub-section (1) and recover expenses, if any, incurred therefor from the body concerned.
3. Any dispute which arises between the Authority and the Boards or other bodies referred to in sub-section (1) in respect of the directions issued to them shall be determined by the State Government whose decision shall be final.

Penalty for breach of the provisions of the Act.

Whoever contravenes any of the Provisions of this Act or of any rule, regulation, or byelaw or scheme made or sanctioned thereunder shall be punishable with imprisonment for a term which may extend to one year or with fine which may extend to ten thousand rupees or with both and in the case of continuing contravention, with additional imprisonment for a term which may extend to one month  or with fine which may extend to five hundred rupees or with both for each day after the first during which the contravention continues.

Offences by companies:

1. if the person committing an offence under this Act is a company, every person who at the time the offence was committed was in charge of and responsible to the company for the conduct of its business as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act if he proves that the offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence.
2. Notwithstanding anything contained in sub-section (1) where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall be liable to be proceeded against and punished accordingly.

Act to over-ride other laws:

The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force.

The area covered under BMRDA is very vast but suffers from acute shortage of staff and other infrastructure, which results in abnormal delay in approvals.


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Saturday, July 4, 2015

BDA RE-INTRODUCES LEASE-CUM-SALE METHOD

BDA  RE-INTRODUCES  LEASE-CUM-SALE METHOD



Bangalore Development Authority Allotment of Site Rules 1984 has been amended and the Government of Karnataka has brought back the Lease-cum-Sale method.  Though Lease-cum-Sale method was in vogue for many years, the relevant rule (Rule No.7) was omitted by Notification No.UDD/411/MNJ/2000(P), dated 23-10-2000. But, the Government of Karnataka by its Notification No.UDD/59/MNJ/2005, dated 27-4-2005 has reintroduced the Rule No.7 with effect from 27-4-2005.

CITB  AND  BDA:

Many cities across the world have development authorities.  They are the Planning authorities also. They control and regularize orderly growth of cities.  Earlier, Bangalore had City Improvement Trust Board (CITB) which was replaced by Bangalore Development Authority (BDA) from 8-3-1976 by a separate Act “Bangalore Development Authority Act 1976(Karnataka Act 12 of 1976)”.

The objective of the Act is for development of Bangalore and areas adjacent thereto.  One of the major functions of BDA is to acquire land around Bangalore, form Layout and allot sites to the applicants.

What is Lease-cum-Sale:

Allotment of sites by BDA is not a commercial venture, but purely to serve the social cause of providing a shelter to the needy.  The Authority has to ensure that its purpose is not defeated by land grabbers, middlemen concerning the allotment.

Bangalore Development Authority (Allotment of Sites) Rules 1984 provides that any one or any member of whose family owns a site or an house or has been allotted a site or house by BDA or a Co-operative Society registered under Karnataka Co-operative Societies Act 1969 or any other authority within Bangalore Metropolitan Area is not eligible to apply for sites from BDA. This is to ensure that only persons, who do not own site or house in Bangalore Metropolitan Area, are provided with sites at affordable price much less than market value.

Lease-cum-Sale method further ensures that the allottees do not misuse the site and sell it to make a fast buck. The allottee will not get absolute ownership of the site. He will enter into lease-cum-sale agreement with the BDA and for certain period, he will be only a lessee of the BDA and does not have authority to sell the property.  Further, he has to construct a house as per the approved plan in the allotted site within specified period. Only after lapse of lease period and on fulfilling the conditions like construction of house, BDA will execute Absolute Sale Deed in favour of allottee. However, the user is entitled to avail Housing Finance for  the purpose of construction of house building.

As stated earlier, this method was omitted from 23-10-2000 and BDA was executing the absolute sale deed to the allottee immediately after the full payment made. This has reduced the work load procedure wrangles at BDA office and the allottee has an asset to fall back in case of necessity and emergency.

Misuse:

The abolition of Lease-cum-sale which was done to help the public was misused.  Though the Site Allotment Rules prohibits any one who owns a site or a house from applying for allotment, many landlords, middlemen, and real estateagents started applying for sites through proxy candidates or on their own name suppressing the facts.  There are many poor people, slum-dwellers who sign the applications for some money.  As soon as the allotment was done, the sites were sold at the prevailing market price making huge profits.  This is in a way contributed to price spiral apart from defeating the very purpose and social cause.

Reintroduction:

To avoid this blatant misuse of BDA sites, lease-cum-sale was reintroduced by Government Notification dated 27-4-2005. The reintroduced rule(Rule 7) reads as follows:

Rule No.7:  The site allotted under the rules shall be deemed to have been leased to the allottee on lease, unless the lease is determined or site is conveyed in the name of the allottee in accordance with these rules. During the period of lease, the allottee shall pay to the authority before commencement of each year, rent at the rate of Rupees Five per annum, where the area of the site does not exceed two hundred square meters,  Rupees ten per annum where the area of the site exceeds  two hundred square meters, but does not exceed five hundred square meters,  and Rupees Twenty per annum, where the area of the site exceeds five hundred square meters.

Procedure:

The procedure is as follows:

After the payment of the value of site, the Authority invites the allottee to execute Lease-cum-sale deed in the prescribed form within 60 days which will be registered in the registrar office.

The allottee will be put in possession of the site. The lease-cum-sale agreement contains various conditions like restriction or alienation of property, time-limit to construct house,ground rent payable.

The allottee shall construct a building as per the plans approved by the authority within a period of five years from the date of agreement.  The authority may extend this period at the request of the allottee.  If the allottee fails to complete the construction of house within five years or permitted period, the lease will be cancelled. The Authority forfeits twelve and half percent of the value of the site paid and refunds the balance amount to the allottee.

After the expiry of ten years of agreed lease period, the authority calls upon the allottee to get the absolute sale deed executed and registered provided that the lease has not been cancelled earlier.

Though absolute legal title has not passed to the allottee during the lease period, he shall pay taxes, fees, cess payable on site or building.

Restrictions, conditions on sale of sites:

The allotted site cannot be sold within a period of TEN years from the date of possession.  However, the site may be mortgaged in favour of Central/State Governments, Financial institutions to secure loan for construction of building.  If the site is sold within a lease period of ten years, the authority after due notice may cancel the allotment, resume the site and forfeit the amounts paid.

Surrender of site:

If the allottee opts to surrender the site during the lease period for reasons beyond his control like insolvency etc., the authority with the previous approval of the Government, will compensate the allottees as follows:

a)            In case of surrender of vacant site without building, the authority shall pay value of site paid by the allottee together with interest at the rate of 12% per annum.

b)           If the building is constructed on the site, the authority shall permit the allottee to sell the property provided he pays interest at 12% per annum to the authority on the value of the site paid.

Implications:
The revised procedure would curb commercial marketing of the site immediately after allotment and also partly controls the price spiral.  But, in case of absolute necessities and emergencies, the allottee will resort to alienating the property by executing Power of Attorney by which the purchaser would not get proper title.  Though the BDA rules has provisions to surrender the site, the returns are too meagre  in case of surrender of site. As the allottee has to pay interest to the BDA for permission to sell the site with building , he will look into other means.

Complication of Title:
Of course, the re-introduction of lease-cum-sale for BDA allotted sites is a right thing for the genuine end users.  However, looking at the modus operandi of the allottees, they will try to sell the properties by way of GPA/Agreements/ Affidavits/Undertaking etc., which will lead to complication of title.

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Friday, July 3, 2015

Bengaluru Real Estate Doing Well In a Weak Market

Bengaluru Real Estate Doing Well In a Weak Market: JLLIndia


 The Bengaluru property market is doing well, in an otherwise weak real estate market across the country which is seeing prolonged slowdown, JLL India told NDTV. "In terms of residential markets there is hardly any improvement. For a prolonged period we have seen slow sales and things are not improving soon because of monsoon quarter which is typically a weaker quarter," Ashutosh Limaye, head of research and real estate service, JLL India said.

So what makes Bengaluru different from the rest of the residential propertymarkets?

JLL says it is because the Bengaluru real estate market is a more end-user focused one. "Amongst cities, Bangalore is doing fairly good, the city which is more mature, more dependent on end-users rather than investors or speculators," Mr Limaye said.


According to JLL India, during the first quarter of 2015 (calendar year), two significant market movements have been observed in Bengaluru's real estate market - an increase in new launches as well as a rise in the net absorption of units. While 13,400 units were newly launched in the first quarter of 2015, the corresponding figure stood at 11,170 units in 2014.

Bengaluru also saw a net absorption rate of 8,310 units in the first quarter of 2015 compared to 7,210 units observed in the corresponding quarter of 2014, which is an increase of 15 per cent in total sales year-on-year.


In fact, JLL says markets similar to Bengaluru are also faring better compared to cities likes Mumbai and Delhi.


"Chennai, Pune, Bangalore which service more to end-users than investors are doing lot better than cities like Mumbai, Delhi which have a very significant investor population."

Investors are not taking fresh calls in cities like Mumbai and Delhi because either they are locked in properties that they have invested in which have not yielded good appreciation or returns or they have no fresh capital to put in real estate because the situation is not conducive, JLL said.

Inventory Levels

 Commenting on the overall state of the real estate market, Mr Limaye said inventory levels of property developers continue to be more or less static. Developers have lowered the number of new launches and are concentrating on completing the existing work to reduce the inventory level, it said.
Buyers prefer to put their money in projects which are close to completion, Mr Limaye said.

Commercial Real Estate


The commercial real estate market is doing very well and leasing volumes have improved, JLL said. JLL India's forecast is that more than 30 million square feet will be leased in this calendar year itself.


"And all cities are doing well Bangalore, Mumbai, Delhi, all of them have seen improved transaction volumes and rents are also picking up once again," Mr Limaye said.

The behaviour of commercial and the residential property markets are inter-linked, the company said. "Usually we see a 9-12 months of timeframe lag so when we see more office space leasing that tells us that businesses are growing, more hiring will take place and for effect to get stabilised and get converted into purchases we usually see a 9-12 month window."

JLL India expects the residential segment to see an uptick early next year with "much bigger activity" compared to now.


For More Information:

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Thursday, July 2, 2015

These are India's top 20 residential locations




Owning a house in a swanky, upscale neighbourhood is the dream of every individual. A property in one of the country's prime locations is likely to cost a fortune, but a sought-after address is the surest sign of success and famedom. Property consultant JLL India has come out with a list of India's "top 20" residential neighbourhoods.

Here's the list of 20 coveted neighbourhoods as listed out by JLL:

1. Palm Beach Road, Navi Mumbai: 
JLL says this is the only area in Navi Mumbai where high-rises offer a sea view. Current property prices here range between Rs.14,000 per square foot and 18,500 per square foot.

2. Worli, Mumbai:
The upmarket neighbourhood now holds premium positioning with steadily appreciating property prices. (Estimated prices Rs.35,000 - Rs.60,000 per square foot)

3. Bandra, Mumbai:
Bandra has a high level of shopping, education, healthcare and recreation facilities, which makes it a preferred destination for prime property seekers. Estimated luxury home prices - Rs.30,000/sq. ft. - 55,000/square foot depending on the exact location and type of project)

4. Lower Parel, Mumbai:
Lower Parel is contributing most to Mumbai's changing skyline and good connectivity with other parts of Mumbai and improved infrastructure add value to one's investment here. (Estimated prices - Rs.25,000 - 40,000 per square foot)

5. Vashi, Navi Mumbai:
Well connected with the key business districts of the city, Mumbai and Pune, Vashi ranks high on social and civic infrastructure. (Estimated prices - Rs.11,000 per square foot - Rs 17,000 per square foot)

6. Lutyens' Delhi:
Lutyens' Delhi - which includes Aurangzeb Road, Mansingh Road, Prithviraj Road and Shahjahan Road, and neighbouring areas - has long been among the most preferred locations for the country's rich and powerful. Owning a house here means announcing to the world that one has arrived in India's power circle. (Estimated prices - Not given)

7. Greater Kailash, Delhi:
The upmarket residential neighbourhood in South Delhi is home to some of the most affluent families in Delhi. (Estimated prices - Rs.17,000-Rs 22,000/square foot)

8. DLF City Phase-5, Gurgaon:
DLF City Phase-5 offers close proximity to the domestic and international airports and good social infrastructure, rapidly developing physical infrastructure, making it a highly desirable property destination. (Estimated prices- Not given)

9. Golf Course Road, Gurgaon:
The area around Golf Course Road offers a mix of residential and commercial establishments. (Estimated prices of residential condos - Rs.13,000-Rs 19,000/square foot)

10. Boat Club Road, Chennai:
A calm locality situated away from the city, Boat Club Road homes carry an exclusive affluence tag. (Estimated price Rs.27,000/square foot)

11. Poes Garden, Chennai:
Home to many top notch business tycoons and politicians, Poes Garden is surrounded by lush green trees and considered to be one of the cleanest patches of the city. The area also has actor Rajinikanth's residence to its credit. (Estimated price range - Rs.33,000-35,000/square foot)

12. Sadashivanagar, Bengaluru:
This is one of the traditional luxury destinations in Bengalure. Estimated prices for under construction property here are around Rs 30,000/square foot - the highest residential presales capital value recorded in the city's history.

13. Indiranagar, Bengaluru:
Indiranagar is well-connected with other parts of the city via Namma Metro, Purple Line and the BMTC bus line. (Estimated prices - Rs.12,000-18,000/square foot)

14. Koregaon Park, Pune:
The upmarket area offers top notch high-end luxurious apartments and bungalows. (Estimated residential property prices - Rs.13000-Rs 16000/square foot, depending on exact location and building type)

15. Kalyani Nagar, Pune:
Kalyani Nagar benefits from proximity to the airport and the railway station, making it an ideal destination for IT/ITeS companies. (Estimated residential property prices - Rs.9000-13000/square foot)

16. Boat Club Road, Pune:
Situated along the Mutha River, Boat Club Road offers close proximity to the airport, railway station and the city's primary business districts such as Dhole Patil Road and Bund Garden Road. (Average prices - Rs.13,500 - Rs.15,500/square foot)

17. Banjara Hills, Hyderabad:
The profile of buyers here is largely skewed towards the senior management of corporates, software professionals, doctors, advocates, chartered accountants and businessmen. (Estimated prices - Rs.7,500-14,000/square foot)

18. Jubilee Hills, Hyderabad:
Home to business tycoons, industrialists, film personalities and other high net worth individuals, Jubilee Hills is one of the most expensive commercial and residential locations in India. (Estimated prime land prices around Rs.200,000/square yard)

19. Alipore, Kolkata:
Many reputed business families such as the Singhanias, the Jalans, the Goenkas and the Mittals share this pin code. (Estimated prices - Rs.15,000-Rs 22,000/square feet)

20. Ballygunge, Kolkata:
Convenience, quality lifestyle and connectivity are the main factors that make Ballygunge one of the best living areas in the southern Kolkata. (Estimated prices - Rs.10,000-Rs 12,500/square foot).

For More Information:

Bannerghatta Road 

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Wednesday, July 1, 2015

Real estate developers turning to housing for senior citizens



NEW DELHI | KOLKATA | MUMBAI | BENGALURU: Real estate developers in the country are increasingly turning to a mostly untapped segment where demand is on the rise - senior homes - even as there's a slowdown in the overall housing market.

Builders such as Tata Housing,  Paranjape Schemes, Adani Realty, Silverglades and Brigade have started setting up specially designed homes targeted at well-to-do seniors who have enough money and might want to live independently after retirement. And, unlike old-age homes of the past, most these senior home projects are part of larger projects and townships. 

"Today, builders realise that this could be a differentiating factor in their projects and could attract an entirely new market, which has been untapped so far," said Arun Gupta, chief executive officer at Age Ventures India, a private, non-profit trust that works with builders to design and manage senior homes. The growth opportunity is big - in 2012, India had 100 million senior citizens and the number is expected to double by 2030. 

"India currently contributes less than 1 per cent of the global senior living industry," said Manish Kumar, managing director for strategic consulting at property consultancy JLL India, highlighting the huge demand and supply gap of the sector - and its growth potential. According to JLL India, there are around 30-35 senior living projects in the country. So, what are the facilities senior home projects offer? 

Usually, one or two bedroom units; most of these homes have wider doors and bigger bathrooms for wheelchair access. Other finer details builders keep in mind include positioning grab rails at strategic places and ensuring that switch points are at wheelchair height rather than at the bottom. The apartment complexes come with facilities such as physio rooms, doctor-oncall, nurses and a common dining room if someone doesn't want to cook. 

Gupta of Age Ventures said a lot of people in the 54-72 age bracket have been buying these senior homes because they want to live independently.He said Age Ventures has tie-ups with hospitals to provide medical care to seniors living in the homes it manages. 

The firm has, for example, tied up with Columbia Asia Hospital in Ahmedabad where it is working with Adani Realty for a senior home project. Similarly , it has tie-ups with Artemis in Gurgaon for a Silverglades project and NH Hospitals in Bengaluru for a Brigade project. Adani Realty is building a senior home project within its township project Shantigram in Ahmedabad. 

"Till now there were no service providers catering to this segment. Most facilities for seniors were run by charitable trusts and were mostly for the lower income category ," says Dipesh Roy, vice president, marketing, at Adani Realty .

Paranjape Schemes has so far developed six such projects - five in Pune and one in Bengaluru - under its brand specifically for senior living, Athashri. Company chairman Shrikant Paranjape said it will start three more projects in the country this financial year and is also reviewing three projects in San Jose, USA, to finalise one to target senior Indians living there.

Om Ahuja, CEO, residential, at Bengaluru-based Brigade Group, said many friends are coming in groups to buy assisted living homes primarily keeping in mind their retirement. "People who are in their early and mid-40s are planning for future and are investing in retirement or assisted living homes as the children will eventually settle down abroad post study," he said. 

Tara Singh Vachani, CEO at Antara Senior Living, which has a project coming up in Dehradun, said, "Priority for Antara is to create vibrant residential communities." 



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