Second innings
The senior housing segment is set to soar, with new projects coming up on the outskirts of the metro cities to cater to India’s rapidly growing population of senior citizens
If you step into Athashri Apartments in Whitefield, Bengaluru, you’ll find a meditation hall, an ambulance in the parking lot and emergency alarm switches right next to the beds in every flat. All the residents here are over 55.
Pune-based realty company Paranjape Schemes, the developer of this project, has similar projects coming up in Pune, Vadodara, Ahmedabad (and California!) – all catering to senior citizens.
In the last decade, Delhi-based Ashiana Housing has developed five senior living projects across India – in Jaipur, Lavasa, Chennai and the National Capital Region – with total occupancy of about 1,800 senior citizens. The flats feature anti-skid tiles and grab rails for support in the bathrooms and the premises have club houses and host regular events to foster a sense of community living.
“There’s been a growth in demand for retirement homes,” says Ankur Gupta, joint managing director of Ashiana Housing.
According to the 2011 census, there are nearly 104 million elderly persons (aged 60 or above) in India.
“Based on census projections, the share of elders in the total population will have risen from around 7.5% in 2001 to almost 12.5% by 2026. That means India could have 173 million elderly people by 2026,” says Anuj Puri, chairman of realty consultancy Anarock.
Even considering that retirement communities are expensive and cater to the upper-middleclass urban Indian, that’s a huge and rapidly growing market. “Factors like the concerns about maintaining property alone, rising crime rates against the elderly, and basic healthcare, housekeeping and emotional challenges as children move further and further away, are driving demand for senior housing in India,” says Ravi Ahuja, senior executive director for developer services and Mumbai at the realestate services company Colliers International India.
SUPPLY VS DEMAND
Tata Housing, Vedaanta, Bridage Group, Ashiana, Paranjape and Covai are among those who have made an early start in catering to this market. These projects typically feature 1BHK to 3BHK flats and villas, priced between Rs 30 lakh and Rs 70 lakh, with additional charges for maintenance, medical and housekeeping facilities. “In our model, after the occupant’s death, their children can inherit the property,” says Shashank Paranjape, managing director of Paranjape Schemes. “They can sell it or give it on lease.”
In all, there are around 4,500 senior living units available in the market, over 2,000 more in different stages of construction and 10 new projects slated to come up over the next few years, states data from Anarock research.
Most of the existing or planned projects are located on the fringes of Bengaluru, Pune, Chennai and Delhi. Non-metros including Kochi, Jaipur, Bhopal, Coimbatore, Rishikesh, Goa and Mathura are also seeing an interest, suggests Anarock research. “Since most large cities are saturated, their peripheries are attracting such projects because they are less cluttered and have healthy surroundings suitable for a retired lifestyle,” says Puri.
BREACHING BARRIERS
Managementandmindsetarethe two big challenges facing this segment. “Sub-sectors like senior living require specific expertise in that domain. They also require outside agencies to provide sen- ior-relevant facilities and manage the projects. All that takes time,” says Puri. Indian families are also just getting used to the idea of a senior member moving out of the family home and getting professional care.
“The main challenge we face is the time taken by consumer to make a decision. There are so many family members involved in the decision-making and to convince each one of them becomes challenging,” says Gupta. That’s probably why other realty developers are including amenities for senior citizens in regular residential projects rather than building projects specifically for them. Like K Raheja Corp’s Vivarea in Mahalaxmi. The luxury flats at Vivarea include an emergency panic button in every bedroom, a wheelchair-friendly campus, a walking track and an aqua gym with trainers that assist senior residents who suffer from arthritis.