India being the second most populated country after China is home to the third largest population of people above 60 years of age. The World Bank estimates that by 2030, nearly 20% of India’s population will be over 60 years old. As these demographics continue to shift, we’re seeing a rise in demand for senior living projects. The scenario presents an exciting opportunity for investors and prospective end users looking to get involved with this growing real estate segment. There are reasons why investing in senior living projects in India can be profitable.
Tier II cities and metro suburbs offer space, preferred by seniors. These are the areas witnessing the launch of senior living projects. Bhiwadi, Coimbatore, Puducherry, Vadodara, Bhopal, Jaipur, Mysuru, Dehradun and Kasauli are making use of the trend. Metros, where this trend is catching up, are Chennai, Pune (Lavasa) and Bengaluru. According to industry estimates, there are in total 55 senior projects in the country from 12 players. However, this is still a low number for a country of our size.
Talk of senior citizens, healthcare is first priority. The need for immediate care has fuelled the rise in niche healthcare services in and around senior living projects.
In a growing market, fortified with essential amenities and healthcare, senior living projects can be a perfect substitute for properties in central locations, where affordability is mostly a concern.
The writer is JMD, Ashiana Housing.
