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Prestige Group's New Senior Living: Hospitality Not Sales
29 Apr
Summary
- Prestige Group enters senior living with a hospitality model, not apartment sales.
- Projects will be developed and operated on a rental basis for recurring income.
- The sector is projected to grow 300% to $7.7 billion by 2030.
Prestige Group is venturing into the senior living sector with a distinctive hospitality-driven approach, diverging from conventional real estate sales. The developer has identified land parcels in Bengaluru for its initial projects, with the brand and first development expected in the northern part of the city.
This new vertical will focus on operating serviced homes via a rental model, generating a consistent revenue stream. Unlike many competitors, Prestige will not sell senior living apartments but will offer lease-based accommodations that include a deposit and rent tied to services, enhancing resident flexibility.
The company has appointed experienced professionals to lead this new division. This strategic expansion occurs as Prestige Group achieves record pre-sales in its core residential business, signaling growth across its portfolio.
Industry projections indicate substantial growth for the senior living sector, with an anticipated 300% increase to $7.7 billion by 2030. Current market penetration remains low, presenting a significant opportunity for developers like Prestige and its rivals.
