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Senior living projects on rise in the country


The increasing number of senior citizens in India is opening up huge scope for investment and development in the real estate sector with the trend of senior living homes gaining momentum as developers are coming forward to invest in their projects that are exclusively meant for the elder members of our society.
According to a survey conducted by international property consultant Jones Lang LaSalle (JLL): “The status of seniors in Indian market is experiencing a sea-change, owing to their growing cohort size, augmented financial independence and change in mindset. They are no longer considered withdrawn, risk averse and financially dependent. The immense potential of this segment, with its unique needs and promises, offers an array of opportunities to the Indian real estate market. ”
“The gradual shift visible in Indian society, with the emergence of financially independent and lifestyle oriented seniors has triggered the growth of high-end to luxury senior living products in the range of Rs 60 lakh to Rs 1 crore and upwards,” says Sridhar marking yet another distinct feature of this new phenomenon.
With independent retirement homes on the rise, industry experts feel that the segment is bound to grow manifold in the next 5-10 years and grab a substantial market share as there has been an increasing focus of developers – especially medium and small players in the industry.
A prominent realty player, Tata Housing Development, a subsidiary of Tata Sons Ltd, is also planning to invest Rs 1 ,200 crore to build 12 senior living projects in eight cities over the next five years. “We have already launched our first pilot project, Riva Residences, in Bengaluru and work on similar projects would soon commence in more cities, including Chennai, Ahmedabad, Mumbai, Kolkata, Delhi and Pune,” said Brotin Banerjee, Managing Director and Chief Executive Officer, Tata Housing Development Company Ltd.
“We Rs 4,000 inquiries from various locations in the first month of the ! aundl of Riva at Bengaluru. The launch of Riva Residences in Bengaluru has helped this company in undemanding the living concepts of senior citizens. Its infrastructure will include modem utility-based design fadlilies, services and ambience, adds Banerjee.
Industry insiders feel that senior citizines are no longer confined to their homes after retirement and instead they are increasingly considering after retirements an opportunity to spend more time with families, pursue hobbies, develop new interests or even continue working or even starting a new career.
According to the JLL report,. globally the industry for senior housing is pegged at around $25 billion and the current demand for senior housing in India is about 3 lakh units. -By 2025, it is estimated that there will be 173 million seniors above the age of 60 compared to the 76 minion today; the report said.
People aged 60 and above may increase from 8 percent in 201 Ota 19 per cent in 2050, according to United Nations Population Division. India is likely to hnoe as many as 323 million seniors by the middle of the century.
In an attempt to keep the elderly within the same set-up, NCR-based realtor Silver grades in association with Age Ventures, a non-profit organisation, has also decided to launch a project where a tower in the complex win be meant exclusively for the elderly. The company plans to invest about Rs 350 crore in the project
He is happy with the response his company has received and added, “There is a huge pent-up demand for such homes in the mid-luxury segment as no one has addressed this market.” Regarding the special offerings Silvergrades has in such projects, the real estate firm’s Director told us, “We offer 24-hour nurse, doctor on-call, in-house physiotherapy and medical tie-up etc.” Besides, he said, “We offer many sports, recreational activities and a calendar full of engaging events for the residents to participate in.
There is also housekeeping service, dining hall with healthy meals that the residents can opt for.” Though admitting that such projects are not really fast-selling, Jain said “There is a good genuine demand. This is not a typical investor-based product. One gets genuine buyers and from a developer-perspective that is very important. ”
Asked if his company will go for more such niche projects in the near future, Jain told Realty & More, “We are always looking to address niche markets where we can create a landmark project. We are currently planning to develop holiday homes in the pristine hills of Kasauli where we have a very prominent site.”
Other developers such as Ashiana have similar offers with projects in the north and the west including in Bhiwadi, Jaipur and Lavasa with plans of opening three more this year, one in Kolkata and the other two down south. “We feel that the demand for such facilities will continue to grow at a fast pace. The most important factor which would lead to the success of a senior living facility in our opinion would be for the developer to remember that it is basically a service-based model and not pure real estate. The developer needs to be committed for providing and sustaining the service levels in the long run,” said Amit Vaidya, director, The Golden Estate.
The Golden Estate has its project in Faridabad with plans to enter Hyderabad and Bengaluru later this year. Anil Mithas, CMD, Unnati Fortune Group, also sees a big market potential for senior living projects in Delhi-NCR. “More and more people want to live independently today, and stay in their home – the trend is called ‘ageing in place”‘, Mithas told Realty &More. He informed us that a number of leading developers who have all along be focusing on residential development in and around the city are planning to enter the senior citizens’ homes category as they realise the huge potential shrouding the sector. “Demand for such units is growing if the number of enquiries received by select developers is any indication in the city,” he said.
According to Unnati Fortune CMD this trend is doing extremely well and the number of housing units being built specifically for seniors has increased four to five-fold.”There is a growing acceptance among discerning Indian senior citizens about retirement homes. Over 60 per cent of senior citizens find the concept of a senior living as a viable and practical one,” Mithas told Realty & More.
In the South, Chennai developers who are also focusing on residential developments are now planning to step into the senior citizens’ home category considering the potential of this sector. For instance, Covai Property Centre is planning to launch a senior specialty apartment project at Vandalur, which is specifically for the retirement community. However, the company has already applied for this type of project in Coimbatore and is planning to expand its wings in Pune, Hyderabad and Pondicherry.
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