INDIA: Housing Finance Major to Venture into Homes for Seniors

Kolkata (Deepika/UNI), October 7, 2005: LICHFL Care Homes Ltd, a hundred per cent subsdiary of LIC Housing Finance Ltd, has proposed to take up ventures in several states for construction of residential units for senior citizens. LICHFL Director and CEO S K Mitter said here today that the company had approached the State Governmenments of West Bengal, Orissa, Kerala and Goa to allot land for building up of such units in the form of community centres. "We want to take up an immediate project in West Bengal. We also want to set up such a unit in Konark and Puri, besides Kochi and Goa. We have approached the respective Governments for allotment of ten acres of land," he said. Mr Mitter informed that the subsidiary company had an authorised capital of Rs 25 crore to conduct the business of running 'Assisted Living Community Centres for senior citizens. The centres would house self contained residential units along with services like food, laundry and other housekeeping services. The first such centre was being set up at Bangalore with civil construction nearing completion, he said.