Tier-2, 3 cities lead in senior living space with 60% share. Image Source: IANS News

Mumbai, Aug 13 : Tier-2 and tier-3 cities dominate the senior living segment, comprising nearly 60 per cent of the current projects, said a report by Anarock Property Consultants.

The report said there is only a limited supply in this segment. It noted that senior living projects have sprung up mainly on the outskirts of major cities and in tier-2 and tier-3 cities across the country. Bhiwadi in NCR, Neral in Mumbai, Talegaon in Pune and Devanahalli in Bengaluru are some of the prominent locations around tier-1 cities while tier-2 and tier-3 cities have more supply -- a 60 per cent share in nearly 33 projects. Tier-1 cities have just 22 projects dedicated to seniors.

Amid Covid-19 danger to the aged, more Indian seniors will seek out retirement homes and assisted living facilities on rental and purchase basis with India's aged population (over 60 years) poised to touch nearly 173 million by 2026, it said.

COVID-19 may reshape the future of the senior living segment in India, with demand for such homes set to zoom amid the present uncertainties," it added.

Anuj Puri, Chairman, Anarock Property Consultants, said, "Due to the rise of nuclear families, increased life expectancy and people living across geographies, 'independent seniors' are becoming a new demography. Such seniors do not settle for traditional old-age homes as they prefer -- and can afford -- autonomy and the company of peers in well-equipped retirement communities." A recurring theme of this pandemic has been seniors living alone, struggling for basics, managing without house help and anxious about existing and potential medical issues. The need for homes in a setting where these factors are taken care of is now undeniable, Puri added.

Among current projects, some are entirely for seniors above 55 years of age, while in others, only certain blocks or towers have dedicated senior-specific facilities. The latter option allows seniors to live in the same integrated township as their families but among their age peers.

The top players operate on either of the two models, outright sale or rentals, with security deposit and monthly charges. Average monthly rentals in senior living residences across cities start as low as Rs 30,000 and go up to Rs 1 lakh, depending on facilities, type of occupancy among others, the report said.

For outright sale, property prices vary depending on the city, facilities on offer, BHK-configuration, size, etc. The maximum supply across cities is in the range of Rs 20-80 lakh, again depending on various factors. There are also some limited exclusive high-end senior living projects where units are priced between Rs 2 crore and Rs 8 crore, it said.

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