Vinod Khilnani had no real estate or construction experience before he founded Nalanda Estates in Parrish.
A CEO at a variety of companies through the years, Khilnani retired from the publicly traded CTS Corp. of Elkhart, Ind., in 2013.
After retirement, he and his wife bought a home in St. Petersburg and lived there most of the year. Khilnani began to hear about a handful of niche retirement communities in Florida, including one for U.S. postal workers (Nalcrest in Polk County).
That got him thinking.
Khilnani and his siblings would ponder the idea of living near each other. “We’re getting old, we’re spread around the country, and we’re all [Indian] immigrants,” he says, thinking back to that time. “The U.S. is our adopted country, and our kids, spouses, and grandkids are here. There’s no way we would ever contemplate going back to India, but it would be nice if we could … get old on one street where we can help each other.”
Khilnani began to explore that idea, which led in 2015 to the purchase of 30 acres centrally located near Interstates 75 and 275 in Parrish — an area that’s now bustling with development. He leaned on local engineers, architects, and other development experts to advise him as he brought Nalanda Estates to fruition by 2018. It sold out quickly.
The 77 families who live there are retired physicians (they make up 40% of the community), professors, engineers and businesspeople, Khilnani says. The majority are Indian immigrants and Indian Americans, although some are from other parts of Asia.
Home models, with names like Manali and Shimla, range from 1,731 to 3,239 square feet. At the time they were originally available, they ranged from $319,990 to $549,990. A handful of resales around 2020 had a 40% to 50% increase in value, Khilnani says. Homes don’t become available for resale that often.
Residents also can use the 7,000-sq.-ft. clubhouse for special events and classes. Events and parties include celebrations of traditional Indian holidays and festivals. Any party held in the clubhouse must be open to everyone who lives in Nalanda Estates. “Everybody knows everybody, which is pretty unique,” Khilnani says.
Florida has another Indian retirement community called ShaniNiketan in Tavares, which has 174 condos.