Antara Senior Living

Tara Singh Vachani

Managing Director & CEO

Ajay Agrawal

Chief Financial Officer

Ambica Chaturvedi

Director - Human Capital & Special Initiatives

Ashish Loach

General Manager – Community Operations

Badar Afaq

Head - IT

Deepa Sood

Company Secretary & Legal Counsel

Kenneth Sannoo

Director – Community Development

Renuka Dudeja

Head - Marketing & Communications

Sanjay Bhatia

Director - Community Development

A picturesque view of the Antara Senior Living facility at Dehradun

 

Antara Senior Living Limited, part of the Max Group, is based on the idea of creating an active, vibrant residential concept for progressive seniors. Antara is a seamless extension of Max India’s core ethos of Sevabhav, Credibility and Excellence. Common interests, beliefs and enthusiasm shall bond our residents together in inexplicable threads that help friends become family. We believe in building a community where like-minded people can find each other and call it their home. Based on the belief that there is no age limit on a life of activity and significance, Antara has set some benchmarks for other senior living communities.

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 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 started venturing into this sector. At present, the market has a well-developed senior home care segment as well, which directly provides clinical and non-clinical services to seniors at their home.

With the concept gaining popularity in the senior space, the new generation of senior living projects are targeting a price segment of ` 50-85 lakhs as opposed to earlier projects in the ` 20-25 lakhs price segment, ranging from one-bedroom to three-bedroom apartments.

While most of the projects continue to be in the southern part of India, there are new projects that are coming up in East and North India as well. Currently, there are 37 players in the Indian senior living industry, out of which 15 are serious players.

As per a recent study done by the Confederation of Indian Industry (CII), the current senior population in India is 116 million, constituting ~9% of the total population. Population above 60 years in India is the fastest growing demographic segment in the world, growing at 3.8% per annum. There are 90 senior living communities under development, of which 57 are operational. Current senior housing demand from urban and rural sectors is ~2.4 lakh houses and 51,500 houses, respectively, of which High Income Group (HIG) accounts for 60,000 houses and Middle Income Group (MIG) for 70,000 houses. The current senior housing supply from 37 senior living players across all formats and economic segments totals 20,000 units. 53% of senior living units are operational, which translates to around 10,500 functional units, followed by 40% under construction, which comes to 8,000 units, and 7% under planning and designing, comprising 1,400 units.

A resident enjoys a game of golf at Antara Dehradun

 

Our Concept and Positioning

1. Antara Dehradun

India has an increasing population of senior citizens who are well-travelled and are accustomed to a certain quality of life and infrastructure. Antara is a community that enables them to maintain the lifestyle they are habituated to.

Its flagship project named ‘Antara Purukul’ is spread over 14 acres of lush greenery in Dehradun. Antara is a luxurious, fully-integrated community designed around the safety, wellness and lifestyle requirements of progressive seniors above the age of 55. 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 thus is a ‘continuous care’ proposition – a comprehensive ecosystem that embraces and encourages the idea that life can be magical post 55. With a fulfilling lifestyle and myriad opportunities to explore, engage and enjoy, Antara is an impeccably designed, rigorously serviced community where life is savoured in the luxury of nature with like-minded people.

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 Shapoorjii Pallonji, Suri & Suri Constructions (civil works), Vadhera Builders (finishing works), Sterling Wilson (plumbing and fire fighting) and Jakson (electricals), Antara has been 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 specific design intervention. With over 60,000 square feet of recreational and wellness spaces, and 197 apartments, Antara Senior Living brings a unique dimension to senior living in the Indian subcontinent.

A typical day at Antara starts with waking up to the picturesque views of Mussourie, going for a morning walk on jogging trail, followed by yoga/meditation. Residents like to enjoy breakfast at Antara’s restaurant - Avika. Pre-lunch activities include a creative workshop of pottery and aqua aerobics at ‘The Pool’. Residents also have the option of going for a trip to Dehradun in a shuttle. Evening activities include enjoying a movie at ‘The Theatre’, language learning in ‘The Library’ or social engagement activities facilitated by the Resident Engagement Team at Antara, in which residents can volunteer. Antara is equipped with sports facilities such as tennis and badminton courts, and golf lawns, which motivates residents to stay fit while playing their favourite sport. Antara offers various cuisine options in diverse spaces such as Avika, The Bar, The Veranda and Community Kitchen. We prioritise the Heath of our residents and have set up The Antara Wellness Centre, which is managed by our in-house team and offers clinical as well as holistic wellness services to the residents.

Drinks made better with a view of the valley at The Bar, Antara Dehradun

 

2. Antara 2.0

In line with the Board’s advice to work on a low-risk and investment-light business model, Antara has been working towards a development management/ joint development model. Based on the learnings from Dehradun pertaining to cost, space efficiencies, design, pricing and ownership models, the team has been able to curate a more efficient model at a competitive pricing while retaining the vision of providing quality of life to its residents, called Antara 2.0.

There are presently two such opportunities that Antara is exploring. The Company is confident of further improving and replicating this new business model in times to come.

A community spiritual session with Vidyaloke at Antara Dehradun.

 

Key Developments of FY2019

The key focus of the Company over the course of FY2019 has been twofold:

1. Antara Dehradun

  1. To achieve financial sustainability for community operations by improving operational efficiencies and attracting customer footfall to create additional revenues.
  2. To market and promote the ‘Antara’ brand and book apartments for its first residential senior living community at Dehradun (‘Dehradun Community’). This is being done through an increased focus on acquiring clients through experiential tours supported by well-planned campaigns in print and digital media, advertorials that have residents sharing their experiences and events at the Dehradun Community.

2. Growth initiatives

  1. To identify the right growth opportunities in line with the Board’s mandate i.e., low-risk, capital-light opportunities based on the operator/joint development model. Such opportunities are being explored primarily in Delhi NCR and Mohali with credible developers. Antara will contribute in areas of its core strength i.e., sales & marketing, design development, project management and operations to ensure that the end product is in line with the Company’s vision.

Business Performance: FY2019

Antara achieved the following results in FY2019:

1. Sales: By March 2019, Antara achieved 108 sales net of cancellations.

2. Collection: Antara’s collections at the end of FY2019 totalled ` 290 crores.

3. Resident Satisfaction (RSAT) Score: Antara achieved an impressive 89.59% RSAT score in FY2019. The Resident Satisfaction Survey was launched in July 2017 and is conducted on a quarterly basis. The above performance is basis the weighted average score of four surveys conducted during the financial year.

4. Team Engagement Score: Antara’s employee engagement score in FY2019 stood at 85.40%.

Outlook for FY2020

Over the course of FY2020, Antara plans to work towards sales launch of the equity-light opportunities mentioned earlier and towards and building a robust pipeline for future growth.

The broad contours of the new operator model are as under:

  1. Antara plans to invest ` 25-40 crore in Special Purpose Vehicles (SPVs) as reimbursable investment to kick-start sales and early construction needs, while taking care of its corporate cost expenses.
  2. While in one model, developer partners are responsible for the land and construction, in the other model, developer partners are only responsible for the land and Antara takes care of all other responsibilities.
  3. Antara’s responsibility will be to provide design, quality assurance, sales and marketing support, and program management during the project and sales phase and independently run the community operations after handing over the apartments to the residents.
  4. Antara will get fee and/or share of profit for services provided during the project phase as a percentage of revenue.

The focus of the Company will be to launch the sales of such opportunities under advanced stages of agreement signing and also achieve headway on the new growth ideas currently under evaluation.

A panoramic view of Antara Dehradun

 

Antara’s focus in FY2020 will remain on launching two equity-light models in Delhi NCR and Chandigarh and on building a robust pipeline for future growth.