Prestige Group Enters Senior Living Market with Innovative Hospitality Model in Bengaluru
BENGALURU: Prestige Group, one of India's leading real estate developers, is gearing up to launch a premium senior living brand, marking its entry into a fast-growing but underpenetrated market segment. The company has identified strategic land parcels in Bengaluru for its inaugural projects, with the first development likely to be in the north of the city. The brand will be unveiled alongside the launch of the first project.
The developer is not just entering the senior living market; it is redefining it. Prestige Group is setting up a dedicated senior living vertical and has brought on board experienced professionals to lead the business. According to chairman and managing director Irfan Razack, the company's approach is unique. “We are keen to get into senior living but we plan to do it differently. We are not looking at it as a pure real estate play, instead, it will be a hospitality type of development. We have been studying this space and we think there is a significant opportunity,” Razack told Mint in an interview.
Unlike traditional developers who sell senior living apartments, Prestige Group will develop and operate fully serviced homes on a rental model. This innovative approach aims to create a recurring income stream, offering residents greater flexibility and accessibility. Under this model, residents will pay a deposit and rent based on the services they utilize. “Prestige has the capability to build, manage, and operate these projects. We want to run them as hospitality assets and not regular residential projects. However, we may also explore a tie-up with a senior living operator,” Razack added.
The company has taken strategic steps to position itself in this market. In February, Prestige appointed Sanjay Viswanathan to lead the senior living vertical. Viswanathan brings extensive experience from his roles at DivyaSree Developers and Columbia Pacific Communities. Additionally, Bhuvana T. S., formerly with Athulya Senior Care and other healthcare firms, has been hired as the assistant general manager.
This move comes as Prestige scales up its core residential business. Prestige Estates Projects Ltd reported record pre-sales of ₹30,024 crore in 2025-26, a 76% increase, including ₹7,697 crore in the March quarter. The company's success in its core business positions it well to explore new opportunities in the senior living segment.
Rival DLF Ltd is also preparing to enter the segment with a senior living project in Gurugram, where homes are expected to be priced above ₹12 crore, according to property consultants. The senior living market in India is projected to grow 300% to $7.7 billion by 2030, according to a joint report by JLL and the Association of Senior Living India. Despite this potential, current penetration remains low at about 1.3%, or roughly 20,000 units, compared with more than 6% in markets such as the US and Australia.
Prestige Group's entry into the senior living market with a hospitality-style model represents a significant shift in the real estate landscape. By focusing on a rental model and high-quality, serviced living, the company aims to cater to the growing demand for premium senior living solutions in Bengaluru and beyond.
