LIC Housing Finance focuses to have a all India-presence for its senior citizens homes business as the increase in demand from senior citizens provokes the company to scale-up presence in other cities across the country. The 4th largest mortgage lender has finished two projects, one in Bangalore and the other in Bhubaneswar, They believe this “futuristic idea” will lead to the home finance company eventually spinning off its care home business into a listed body as early as 2014.
“We expect to make the care homes business a fully listed body in coming three to five years,” CEO of LIC Housing finance said. LIC H.F., promoted by the country’s largest insurer, the LIC of India, is looking for an existence in up to 07 cities, which it says are more “friendly to the senior citizens” and also can get land at discounted rates. The company lately finished a 98-unit project and a bigger 200-unit project in Bangalore and Bhubaneswar respectivly.
Presently the organisation is in the process of acquiring land in Jaipur, Haridwar and Goa. “More cities such as Nagpur and Pune which have historically been friendly to the retired people will be looked at.” India has 65 % of its people aged between 15 and 64 years, so the business model might find many takers. Retirement homes are built in a community format with modern amenities including gymnasium & club houses, music rooms and auditoriums. These projects also come with a house-help which is offered by the developers or owners themselves.