New Delhi: India has about 40 housing projects for the senior citizens and 26 of them are in South India, accounting for 65 percent of the overall projects.
There are 14 major real estate companies that have 40 housing projects for elderly, either completed or in construction stage. Mostly they have shown preference for Puducherry, Kodaikanal, Bengaluru, Mysuru, Chennai and Coimbatore for their senior citizen projects.
Even Kanchipurma and Kochi have such projects. But is Coimbatore which has maximum senior citizen projects. The city has seven such projects, according to ANAROCK Property Consultant.
“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.
The southern cities have emerged as the main hotspots for such projects due to good healthcare facilities, mild climate and good connectivity.
The other cities for the elderly are Chandigarh, Kasauli, Faridabad, Jaipur, Pune, Vadodara and Bhiwadi.
The senior citizen population in the country is expected to cross 173 million by 2026. Hence, there is huge potential in this real estate segment.
In the rising trend for nuclear families and changing social environment, retirement homes are not only acceptable but also very popular. However, though certain realty firms are refining the art of creating projects for seniors, India needs greater active participation of big real estate companies to build integrated retirement communities.