South India leads senior living with over 65% projects

BENGALURU: South Indian cities has emerged as the major hub for senior living projects with nearly 65% of the overall senior living projects located within the region, Anarock’s latest report.

As on date, there are at least 40 senior living projects by the top 14 players within this niche segment across the country - either under construction or completed and occupied. Of this, nearly 26 projects are located in South India, it said.

Prominent senior living hubs in south India include Coimbatore, Puducherry, Chennai, Bengaluru, Kodaikanal, Mysuru, Kochi and Kanchipuram. Among these, Coimbatore has the maximum number of projects (around 7). The other hotspots for senior living in India are currently Pune and Vadodara in the West and Bhiwadi, Chandigarh, Jaipur, Dehradun, Faridabadand Kasauli in the North.

“The coronavirus scare gives renewed credence to senior living, which is the only residential real estate category which has a strong healthcare component. It is now emerging as more than just an exciting but under-served alternate asset class created by changing socioeconomic factors and increased life expectancy. Seniors have been identified as the most vulnerable demographic for the novel coronavirus. In light of the recent crisis, senior living may be a lot more than just a unique mix of real estate, hospitality and healthcare,” said Prashant Thakur, Director & Head - Research, ANAROCK Property Consultants.

With rising nuclear families and changing social environment, retirement homes has become popular options. The United Nations Population Fund and Help Age India estimate India’s aged population (>60 years) to increase to nearly 173 million by 2026.