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There has been an increasing trend among the developers taking up senior living projects not as a standalone unit, but as part of the integrated townships and prefer city outskirts.
“While most of the projects launched in this space are holistically dedicated to senior citizens, many developers are also launching integrated townships wherein a proportion of total units is dedicated to senior living along with generic residential development,” said Ramesh Nair, CEO & Country Head – India, JLL.
With the growing acceptability and demand for senior housing units, such projects are fast coming up in the city's outskirts or suburbs of all major metros in the country and in some selected tier II destinations such as Coimbatore, Goa, Dehradun and some parts of North India.
In the outskirts of Mumbai, there are several senior living projects such as Nulife by Disha Direct and Gagan Group near Lonavla; Dignity Lifestyle in the foothills of Matheran Hills, at Neral, around 90 kms from Mumbai; Ashiana Senior Living in Lavasa; Athashri by Paranjpe Group in Pune and Tata Housing’s project in Talegaon.
“Also for elders living in the outskirts of the city there is advantage, on the one hand, they enjoy the peaceful, expansive environment, on the other hand, the benefits that the city life provides such as a super-speciality hospital, among others is added attraction,” explained Nair.
Nair, quoting JLL Research Analysis, said there are several factors for senior living segment is expected to thrive on the outskirts of metros and especially in tier II cities like: Affordability drives demand, Lesser congestion makes it easy, Availability of large land parcels and Healthcare accessibility.
It remains to be seen the kind of steps the government needs to take up to improve the condition of senior citizens. “Special status to senior citizen projects like hospitals in terms of FSI, tax incentives to developers so that such projects become more affordable for the senior citizens, allotment of land parcels for senior citizen projects on lines similar to public amenities are some such policy initiatives is crucial, said Nair.
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