Senior-citizen apartments in high demand
Due to the increasing demand, Indian developers are now focusing on building homes exclusively for senior citizens.
Currently, there are around 30 senior living projects in India and around 30 more are in the pipeline. Most of the projects are at the proposal stage.
Cities like Coimbatore, Bangalore, Pune and Chennai are more active cities in this segment.
The emergence of financially strong and independent senior citizens have pushed the growth of high end to luxury senior living products in range of Rs 60 lakh to Rs 1 crore and upwards.
According to JLL report, it is estimated that by 2025 there will be 173 million seniors above the age of 60, up from 76 million now. The current demand for senior housing in India is approximately 300,000 units.
Today, the entire structure of senior living is designed according to the requirement of seniors. The layout units, anti-skid tiles, low height shelves, grab-bars in bathrooms, servant rooms, bigger balconies for sunlight, event calendars of the years offering programs, healthcare facility on campus, etc.
All sizes of apartments are available in 1, 2 and 3 BHK as well as studio apartments and villas. The size of the apartments ranges from 500 sq ft studio apartments to 2500 sq ft 3 BHKs and villas.
The construction cost of a senior living project is quite similar to any typical residential project. Only difference is in the layout of units and architecture design, which are done keeping in mind the requirement of seniors.
Unlike other residential projects, senior living projects do not have any prior reservation. Building and operating senior living projects are more costlier and complicated than the normal residential projects. Also, the internal rate of returns (IRRs) are more attractive in a residential project as compared to senior living project.
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