Housing for senior citizens to drive real estate growth

Pune: Housing projects for senior citizens are expected to drive significant growth in the real estate sector because of a rise in elderly population, preference for them to settle down in tier-II cities after retirement, nd the need for safer space.
Anuj Jain, a 65-year-old resident of Mumbai, recently purchased a flat in a senior housing complex near Pune.“Both my children live overseas, and I have just retired. My plan was to settle in a peaceful location which has all facilities for seniors,” he, said.

A report by CBRE shows that the total estimated target for senior living facilities in 2024 is around 1 million and this is projected to increase to 2.5 million in the next 10 years. India’s current penetration rate for senior living is less than 1%, a stark contrast with countries like the UK (11%), and the US (6%).
Antara Senior Care, which has senior living residences in Dehradun, and a senior residential complex in Noida, currently under construction, has big expansion plans. “We’re thrilled about the upcoming launch of our new assisted living project in Bangalore’s Bannerghatta area, opening this June, which will be followed by the launch of another property later this year in Whitefield,” Rajit Mehta, MD & CEO, Antara Senior Care, said.
The company is also working on an intergenerational project in Gurgaon. The senior care landscape in India is rapidly evolving, with 18,000 units spread throughout the nation. The majority of senior living projects in India are concentrated in the southern cities of Coimbatore, Bengaluru, and Chennai, contributing to approximately 40% of the country’s total inventory. “I would prefer to rent a home in a retirement community, rather than own one. I don’t want to give my children the stress of having to maintain it or sell it after I am gone,” Rajesh Verma, a resident of Delhi, said.
Embassy Group forayed into senior living through Serene Amara by Columbia Pacific, located within integrated township of Embassy Springs in 2022 in Bangalore. “Embassy Group is now preparing to launch Phase 2 of the project within Embassy Springs. Looking ahead,the group plans to expand its offerings in senior living segment to Chennai, Hyderabad, and Mumbai,” Shambhavi Kadam, assistant vice-president, premium sales, residential, Embassy Group, said.