The Hindu Business Line : Pune realty co building `Continuous care' homes

Pune June 7 Paranjape Schemes, the construction company that has built four large housing complexes for senior citizens in Pune and proposes to go national with the product, are moving to the next progression in housing for the segment: `Continuous care' homes.

Townships

The company is also in the process of putting up two townships, three business hotels, four malls and 600 service apartments in Pune in addition to a large redevelopment project in Mumbai.

The two townships will be located at IT hub Hinjewadi and Bhugaon, the Chairman, Mr Shrikant Paranjape, and the Managing Director, Mr Shashank Paranjape, said. The first spread over 138 acres involves a financial outlay of Rs 3,000 crore, and will also house one of the three business hotels in the pipeline.

Realty fund India Reit has invested Rs 250 crore in this project. The second will be a bungalow township on 130-150 acres of land, and will require Rs 1,500-1,800 crore.

Assisted living

Explaining the concept continuous care homes, Mr Shrikant says, "These will be something short of a hospital, for people who might require some assisted living and continuous attendance and support." The first of these is coming up at Pashan, adjoining the first `Athashri' complex and will be ready in three months.

The 40-unit building will also have one floor dedicated to a display of products and equipment that can make life easier for senior citizens which will be retailed in India by the company. Mr Paranjape added that they were working on an ownership model for such units.

Other States

Paranjape Schemes is also taking Athashri across the country. Around 700 units in Pune are ready, and another 500 units are in the process of being built. One complex that's under construction at Whitlefield, Bangalore, will have 220 apartments ready for occupation in a year's time. Two other projects at Ahmedabad and Kolkata have been finalised, while the Paranjapes are scouting for land at five other locations - Ahmedabad, Hyderabad, Goa, Thane and New Delhi.

HDFC investment

The HDFC Realty Fund has purchased 10 per cent equity in the Pune-based housing and construction company, Paranjape Schemes Ltd, for a consideration of Rs 74 crore.

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