MANAGEMENT DISCUSSION

AND ANALYSIS

Mrs. Tara Singh Vachani

Managing Director & CEO

Ms. Ambica Chaturvedi

Director - Human Capital

Mr. AVK Rao

Director - Finance & Accounts

Mr. Badar Afaq

Head - Information Technology

Ms. Deepa Sood

Legal Counsel

Mr. Jishnu Veliyath

General Manager - Community Operations

Mr. Kenneth Sannoo

Director - Community Development

Ms. Renuka Dudeja

Head - Brand & Communications

Mr. Sanjay Bhatia

Head - Relationship Building

Mr. Saumyajit Roy

Director - Business Planning & Performance

Antara Senior Living - a part of the Max Group - is an idea to create an active, vibrant residential community for progressive seniors. Spread over 14 acres of landscaped environment in Dehradun, Antara is a luxurious, fully-integrated community designed around the safety, wellness and lifestyle requirements of progressive seniors above the age of fifty-five. The promise of a better life at Antara for our residents is built on the pillars of a unique location, thoughtful design, a curated community and holistic wellbeing.

Antara is a continuous care proposition – a comprehensive ecosystem that embraces and encourages the idea that life can be magical post-fifty five. With a fulfilling lifestyle and myriad opportunities to explore, engage and enjoy, Antara is a thoughtfully-designed, rigorously-serviced community where life is savoured in the luxury of nature with like-minded people.

At Antara, the aspiration is to create a community where our residents feel that they belong to each other without even truly knowing each other from the past. Common interests, beliefs, and enthusiasms tie our residents together in inexplicable threads to thus build and nurture a community where friends become family. We are building a community that allows likeminded people to find each other and feel comfortable to call Antara their home. We truly believe there is no age limit on a life of activity and significance.

OUR CONCEPT AND POSITIONING

With a growing number of seniors, who are well-travelled and are accustomed to a certain quality of life and infrastructure, Antara is a community which enables them to maintain the lifestyle they are habituated to.

Antara has been carefully crafted by internationally renowned architects Perkins Eastman from New York and Esteva & Esteva from Spain, with design execution support from Arcop Architecture Inc. and Studio Lotus. With construction partners such as Shapoorji Pallonji, Suri & Suri Constructions, Vadhera Builders (Civil works and Finishing works respectively), Sterling Wilson (Plumbing & Fire Fighting), Jakson (Electricals), Antara is being created with a unique design philosophy to encourage the utmost quality of living. This has been woven into the fabric of the community through an adherence to international standards of senior-specific design intervention. With over 60,000 square feet of recreational and wellness spaces, 197 apartments, Antara Senior Living brings a unique dimension to senior living in the Indian subcontinent.

In Antara Dehradun, residents will wake up to the views of Mussoorie, enjoy various Cuisine options in diverse spaces, get pampered at the spa, have all their health care needs managed to by our in-house clinical team as well as support from the nearby Max Super Speciality Hospital amongst various other activities.

over

60,000 square feet of recreational and wellness spaces

KEY OPERATIONAL DEVELOPMENTS OF FY 2017

FY 2017 was focussed on the following key initiatives:

  • Accelerating construction works for Dehradun with a focus to make the community operational by year end.

  • Cultivating operational readiness and execution of pre-operations plan towards operationalisation of the Community.

  • Building our operational systems, processes and an integrated technology platform to help drive the Community operations efficiently.

Antara’s project team over the last 42 months has amply demonstrated its ability to consistently meet the project milestones. Out of the eight residences, six have been made operational. 95% of the work has been completed in the remaining two residences and we target to make this operational by mid-July 2017. The Club has been made operational.

45% of the total inventory has already been handed over to the residents for possession. Residents have gradually started moving into the Community.


'Avika': Cuisine space at Antara Dehradun

'Avika': Cuisine space at Antara Dehradun

DEVELOPING ANTARA’S RESIDENT COMMUNITY FOR DEHRADUN

The last 44 months of intense and interactive engagement with prospective residents through a highly interactive process has resulted in Antara to achieve a stable sales velocity of 2.1 per month in a challenging macro environment. In line with Antara’s vision, signed-on residents today exemplify a genre of seniors who are progressive and passionate for embracing new experiences.

With the Community becoming operational, the focus is on to acquire customers through experiential visits of the Community backed with well-planned campaigns over print and digital media advertorials, resident and client events at the Community.

CULTIVATING OPERATIONAL READINESS

The hallmark of successful high-quality service delivery is prior planning and preparatory works. Antara’s Community operations team has completed its hiring of key team members and is geared-up for operations with all the required hardware and software in place. Learning & Development plans are on track which takes into consideration the number of learning hours, SOP adherence, efficacy and general development path plans. Menus are in place for the Cuisine spaces. All the billings have started on IDS ‘billing software’. The Resident Engagement calendar is in place for Quarter 2, residents have shown encouraging participation in Quarter 1. As on date, 23 residents have already moved in the Community.

BUILDING CORPORATE SYSTEMS AND PROCESSES

The Company is pleased to report that it now has a dedicated team of 84 team members catering to a variety of business functions. The Company has also invested significant time and effort in creating necessary processes and systems and is leveraging information technology to enhance productivity.

INDUSTRY OUTLOOK

Senior Living as an industry category is witnessing a growth phase with existing players trying to step up and develop higher value products as well as new entrants trying to launch their first

Antara has been carefully crafted by internationally renowned architects Perkins Eastman from New York and Esteva & Esteva from Spain, with design execution support from Arcop Architecture Inc. and Studio Lotus.


Antara has been created with a unique design philosophy to encourage the highest quality of living

Antara has been created with a unique design philosophy to encourage the highest quality of living

senior living ventures. While most of the offerings in the market are still being delivered by traditional real estate developers, there are instances where non-real estate players have also started venturing into this sector.

New projects are coming up with a size of 300-400 units to achieve better operational efficiency as opposed to early communities which were mostly with a size of 100-200 units. With the concept gaining popularity in the space of seniors, the average price point has also witnessed an upward trend with a new breed of senior living projects targeting a price segment of ₹ 55 lakh as opposed to the earlier projects in the ₹ 25 lakh price segment.

While most of the projects continue to be in the southern part of India, there are new projects which are coming up in the East and North India as well. Currently, there is a total of 50 players in the Indian senior living industry, out of which 10 are serious players. As per a recent study done by JLL, by 2025, there will be approximately 4,50,000 houses in the senior sector and 1 million seniors would be touched by formal senior living players in India.

OUTLOOK FOR FY 2018

The Senior Living industry in India is witnessing a strong demand. However purchase decisions continue to remain severely affected due to the macro-economic liquidity concerns in the traditional real estate market. Traditional real estate players with large developable land banks are showing keen interest to explore senior living as an alternate product segment in partnership with senior care players, similar to hospitality partnership models. While there have not been any major new supply in the last financial year, there has been credible advances by both corporate real estate developers as well as healthcare and hospitality players towards developing new communities.

As per a recent study done by JLL, by 2025, there will be approximately 4,50,000 houses in the senior sector and 1 million seniors would be touched by formal senior living players in India.


In Antara Dehradun, residents wake up to the gorgeous views of Mussoorie

In Antara Dehradun, residents wake up to the gorgeous views of Mussoorie

All existing senior living players have moved on to develop new projects, mostly creating apartments in the ₹ 40 – 80 lakh segment.. Existing players such as Ashiana Housing, Covai Homes (Coimbatore), Athashree (Pune), Mantri Developers (Bengaluru), and UCC care (Faridabad) are all expanding and looking to develop more communities. New players such as Columbia Asia Healthcare, Brigade Group are evaluating setting up communities catering to the middle income segment.

The market has witnessed a major growth in homecare services for seniors. The Indian elder home care market is estimated to reach US$ 10 billion by 2030. Several new players are exploring products and services in this space with focus on both clinical and non-clinical services.

While most of the projects continue to be in South India, there are some new projects coming up in East India as well such as by the Infinity Group, Kolkata. Currently, there are about 50 players in the Indian senior living industry, of which 10 are serious contenders. Favourable demographics, depleting quality of urban life and safety for seniors, healthcare concerns, rising affordability and a higher acceptability and awareness of senior living continues to be major growth drivers. Is these are assisted by favourable macro economic conditions, then the Indian senior living sector could see a strong upswing.