by THO
Soli Pochkhanawalla, who hails from Lucknow, recently celebrated his 90th birthday at a senior living housing complex in Bengaluru where he’s been residing for the last three years.
“Surrounded by love, care, and newfound friendships, I discovered a community that embraced me wholeheartedly. It became a source of immense joy,” he says.
Several real estate developers have launched senior living projects nationwide, especially in South Indian cities such as Trichy, Coimbatore, Kochi, Bengaluru, Chennai and Hyderabad.
Also Read: South Indian states, including Bengaluru, lead with 62% share of the senior living housing segment
In fact, Swapnil Anil, Managing Director, Advisory Services, Colliers India, told HT.com that almost 65 to 70 per cent of the new housing project launches in this category are in cities like Bengaluru, Hyderabad, Chennai, and Coimbatore.
Rajagopal G, director and CEO of Columbia Pacific Communities, KITES Senior Care and Seniorshield said that more than half of the residents in one of their Bengaluru senior living projects are from cities in north India.
Experts point out the acceptance of senior living solutions has generally been higher in southern Indian states. Having said so, several developers have also started to look towards the north to expand their portfolio.
Subhankar Mitra, an independent consultant and former MD of Colliers India, pointed out that southern Indian states are more accepting of retirement homes. “We see many people in their late 40s or mid-50s deciding to retire from work and shift away from city life. They typically choose to move into the outskirts or smaller towns into retirement homes. Such seniors mostly come from the IT background, and southern Indian states have a large share of such a population,” he added.
Pleasant weather and the availability of healthcare infrastructure also play an essential role. “In the south, we see a better acceptance of the senior living concept with medical facilities accessible in 30-40 minutes. This has immensely added to the demand,” Anil added.
Here’s how much a senior living apartment may cost
Prices of senior living apartments typically start from ₹50-60 lakh and go up to a crore for affordable ‘senior’ options. The apartments sprawl about 800-900 sq ft for budget homes and can go up to 1200 sq ft for premium senior living units upwards of ₹1 crore.
Special features in the senior living units include anti-skid flooring, wheelchair-accessible doors, and special bathrooms to cater to the needs of the seniors. These apartments also feature public announcement systems in common spaces and emergency bells in each unit. Several projects also feature large community halls with senior-friendly fitness areas and other amenities.
“Housing projects located in the outskirts of Gurugram or even Uttarakhand start at 2 crore. Thus, we see that the north Indian demand is handpicked to cater to a certain section of buyers, unlike in the south where various options are available,” Anil said.
Developers bullish on South India
Columbia Pacific Communities and KITES Senior Care have about 3,300 units under various stages of construction. All of their 13 upcoming projects are in south Indian cities.
When asked, he said that the company has no immediate plans to expand to the north. “However, we are evaluating Delhi-NCR Chandigarh and Kolkata to expand our portfolio within the next few years. For now, we are bullish on south India,” he added.
Another developer, Manasum Senior Living, plans to add 2,500 senior living units by the end of 2025. About 60% or more will be in south India, Anantharam Varayur, co-founder of the company, said. For the north, the company plans to explore Goa, Varanasi, Lucknow, and Mumbai in the coming years.
