Globally, senior living has emerged as a strong residential segment, especially in western countries that have older population profiles and a nuclear way of living. The concept however remains unexplored in developing countries such as India and China due to the attached stigma on account of the cultural ethos, and prevalence of multigenerational and joint households. However, the demographic is steadily shifting towards older population cohorts in developing and least developed countries. In India, for instance, the number of people aged 60 years and above is expected to increase to 320 million from the current 139 million in the next three decades.
The surge in the upwardly mobile senior population and growing nuclear way of the family has raised to question of the well-being of the elderly who are increasingly staying on their own. Such shifts have drawn the attention of both the government towards addressing the discrete needs of the population in this cohort. Also, in the last decade, we have seen developers entering the senior living segment and positioning themselves in and around metros. The ongoing COVID-19 pandemic has only emphasized the need for support and care for this age group, thus bringing focus on senior living as a holistic option.
As per our research, a majority (70 percent) of the senior living projects are located in southern India, in cities such as Bengaluru, Chennai, Coimbatore and Kochi, owing to higher number of citizens settling abroad, thus making senior living a beneficial option for the elder members of their families. In comparison, the territory remains largely uncharted in other regions of India such as north or west.
A reckoning of the condominiums suggests majority of the projects are priced below INR 45 lakh, there is an equal penchant for exclusive high-end senior living projects, wherein the units are priced more than INR 1 crore, a tally that is more top-heavy. Majority of such high-end projects offer large sized apartments with configuration up to 3BHK and 4BHK or villas and ensures special attention to healthcare, hospitality and design for elderly people looking to live a comfortable and lavish lifestyle post retirement. Following the lead are the apartments priced between INR 75 lakh–1 crore. Top cities such as Pune, Bengaluru and Chennai offer apartments in this price bracket (commonly having the configuration of 2BHK or 3BHK). While apartments (with 1BHK, 2BHK and 3BHK configurations) are prominent in senior living projects in the top-eight cities, Tier 2 cities such as Coimbatore and Kochi also offer villas.
While the southern market dominates in this category, many developers have shown interest in the outskirts of major western and northern cities. Bhiwadi and Jaipur in NCR, Neral in Mumbai and Lavasa in Pune have emerged as the preferred locations in recent years. Realising the potential, many such developments have started to take shape and are attracting big brand developers to venture into this segment.
The overall trends suggest that in India the elder population and their families are now warming up to the concept of senior living. Developers are also testing the waters and tying up with healthcare providers to develop senior living projects. Having said that, the segment is still incipient in India. Also, unlike other real estate segments, it needs robust government support, senior-friendly policies and incentives for making such projects more financially viable for both developers and homebuyers. We see that there is still a need and a lot of headroom for socio-cultural and economic restructuring for senior living to become a mainstream residential real estate segment in India and emulate the demand seen in global markets.
Renuka Kulkarni, a seasoned real estate professional, brings over five years of diverse experience in research, consulting, and architectural design within the urban sector. Her expertise spans public and private projects, showcasing proficiency in real estate research, trend interpretation, and policy analysis. With qualifications in architecture and a master’s degree in Data Science (Business Intelligence & Data Analytics) from IIIT Bengaluru, along with an M. Tech in Urban Development and Management from TERI School of Advanced Studies, New Delhi, Renuka seamlessly blends data analytics with market insights, offering a holistic understanding of the industry in her research pieces.
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