Location greatly influences property buying decisions. Good connectivity, availability of social infrastructure and future growth potential attract buyers to a particular locality. This is true for any real estate project, including senior living projects – a niche segment that is rapidly growing across key cities like Bangalore, Chennai and Hyderabad. For a senior citizen looking to reside in a residential community, location matters more than any other factor. It covers aspects such as proximity to healthcare facilities, neighbourhood safety and accessibility to public transport. In this guide, we discuss the link between location and the growth of senior living projects.
Proximity to healthcare and other social amenities
Elderly people need facilities such as clinics, diagnostic centres, geriatric care, and hospitals. More importantly, proximity to such facilities is crucial when considering emergencies. The outskirts of cities such as Mumbai, Pune, Chennai, and Bangalore are witnessing the development of several hospitals and medical hubs. Thus, developers target these locations for launching their projects.
A well-developed social infrastructure significantly enhances an area’s liveability. Moreover, integrated townships with retail shops, pharmacies, temples and parks offer a self-sustained living environment for residents. This is particularly beneficial for senior citizens.
Connectivity and easy accessibility
Buyers often check for connectivity and easy accessibility to main roads, workplaces and public transportation when choosing a home. Some buyers, especially working professionals or frequent travellers, even prefer staying close to airports or railway stations. The preferences for senior homebuyers are similar. It is crucial that the location where a senior living project is planned should have well-developed physical infrastructure, including wider roads, reduced traffic congestion, and the presence of everyday conveniences. The lack of these facilities in a given location can lead to inconvenience and higher commuting costs.
Safety and comfort
Neighbourhood safety and security are key concerns for buyers investing in a residential project. Further, the topography of the area, whether it is prone to floods, waterlogging, etc. or if the climate is extremely hot or cold, influences property decisions, especially for the elderly. This is why most retirees prefer cities such as Coimbatore, Mysore, and others that offer a calmer environment. Hilly towns and tier-2 cities offering a lower cost of living are sought-after property destinations among seniors.
When it comes to safety and comfort, most seniors require caregivers, domestic help or nurses. So, the proximity of a senior living project to urban centres where skilled workforce is easily available is crucial. Further, community lifestyle, cultural familiarity, religious places, and social circles in a location drive demand from specific buyer segments, such as senior citizens.
Affordability
A location’s affordability drives demand for properties. For instance, cities like Coimbatore and Pune are more affordable than the top metropolitans. Property prices in these cities suit the budget preferences of homebuyers, including those looking to for senior living homes.
Market potential
Property investors and developers alike, constantly watch out for upcoming growth hubs. Areas with rapidly developing infrastructure projects, such as metros and expressways, tend to see significant real estate activity. As a result, these locations demonstrate growth potential with scope for price appreciation. Many builders launch senior living projects in emerging locations, such as the city outskirts, that offer substantial returns owing to a steady rise in demand.
Investing in a residential property also allows the owner to generate rental income. If the area is close to employment hubs or educational institutions, there is a high chance of finding tenants.
Housing.com POV
Location influences property decisions significantly, especially for senior living projects. For a homebuyer, it has a greater significance than being a real estate growth driver. It affects the overall quality of life and the cost of living for many older adults considering investing in a property. A neighbourhood should have well-developed social infrastructure, such as access to healthcare and everyday essentials, to ensure a comfortable environment for elderly residents.
FAQs
Why is location more important for senior living than regular housing?
A good location benefits those investing in senior living by providing access to healthcare and other facilities, ensuring safety and comfort, and supporting long-term affordability.
Which cities are emerging as senior living hubs in India?
Prominent cities in South India, such as Chennai, Bangalore, Coimbatore and Mysore, are emerging as sought-after locations for senior living projects.
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