Prestige Group Enters Senior Living Market with Rental Model in Bengaluru
Prestige Group, a prominent real estate developer, is gearing up to launch a premium senior living brand in Bengaluru, a move that highlights the company's strategic shift towards a fast-growing yet underpenetrated market segment. The developer has identified land parcels in the city for its first projects, with an inaugural development likely to be located in north Bengaluru. The brand will be unveiled alongside the first project launch.
The company is also setting up a dedicated senior living vertical and has recruited experienced professionals to lead the business. “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 an opportunity,” chairman and managing director Irfan Razack told Mint in an interview.
Unlike most developers, Prestige does not plan to sell senior living apartments. Instead, it will develop and operate fully serviced homes on a rental model, creating a recurring income stream. The inaugural project will follow a lease-based model aimed at improving flexibility and accessibility for residents. Residents will pay a deposit and rent based on the services they use. “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.
Peers such as Brigade Group and Gopalan Enterprises have already partnered with operators like Primus Senior Living to manage similar properties. Prestige appointed Sanjay Viswanathan in February to lead the vertical. He previously worked with DivyaSree Developers and Columbia Pacific Communities. The company has also hired Bhuvana T. S., formerly with Athulya Senior Care and other healthcare firms, as 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, up 76%, including ₹7,697 crore in the March quarter. 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.
A joint report by JLL and the Association of Senior Living India projects the sector to grow 300% to $7.7 billion by 2030. 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. This low penetration rate highlights the significant potential for growth in the senior living market in India, making it an attractive segment for real estate developers like Prestige Group.
