PioneerUrban Invests Rs 300 Cr in Senior Living Project

New Delhi, Apr 10 (PTI) Realty firm PioneerUrban Land and Infrastructure Ltd will invest Rs 300 crore to develop a luxury housing project for senior citizens in Gurugram.

Project Advait is a joint venture with JK Organisation's real estate arm JK Urbanscapes Developers Ltd.

The company has received a license under the State's Retirement Policy.

The project, spread across 2.6 acres and comprising 164 units, will be developed with an investment of Rs 300 crore.

Each apartment is equipped with a centralised air filtration system (TFA unit). Its medical services will be provided by Fortis Hospital, Gurugram, within the project premises.

Commenting on the development, Manish Periwal, Chairman and Managing Director, PioneerUrban, said the company has expanded its presence in the senior living space with the launch of this project.

"Our investment reaffirms our commitment towards creating exceptional luxurious living spaces. With a strong focus on sustainability, cutting-edge architecture, and resident-centric designs, we will continue to set new benchmarks in the uber-luxury real estate sector," he added.

Rakesh Bohra, Chief Operating Officer of PioneerUrban, said, "India has shown remarkable enthusiasm for the senior living concept. While the industry has traditionally been concentrated in Southern India (accounting for 40 per cent of current inventory), we are now witnessing significant growth in other emerging regions, particularly in the north".

PioneerUrban Land and Infrastructure Ltd has developed many projects in Gurugram.