As more opt for their own private space, senior living real estate segment opens up
The Hindu
As more opt for their own private space, senior living real estate segment opens up
With more senior citizens opting to move out and stay in their own private space, the senior living real estate is emerging as one of the prominent alternative asset classes for real estate players, say stakeholders.
Interestingly, south India accounts for 70% of the senior living projects in India. Tamil Nadu has emerged as one of the prominent markets for senior living real estate, according to details provided by real estate company Jones Lang LaSalle (JLL).
In Tamil Nadu, apart from Chennai, other towns are slowly opening up to this segment. And more real estate players are eyeing this space. Those tracking the real estate market say companies like Ashiana Housing and Columbia Pacific Communities are betting big in this space.
“Apart from Chennai, Tier II & III locations such as Coimbatore, Hosur, Kancheepuram [in Tamil Nadu] and Puducherry have emerged as the markets for senior living projects. Hill stations like Udhagamandalam and Kodaikanal have also emerged as a niche market for senior living,” says Jerry Kingsley, head, Strategic Consulting and Valuation Advisory, India, and City Lead Capital Markets-Chennai, JLL.
Srinivas Anikipatti, senior director, Tamil Nadu and Kerala, Knight Frank India, points out that the future of the senior living segment in Tamil Nadu looks promising. “First, there is a significant demographic shift in Tamil Nadu, with a rising elderly population. This demographic group seeks specialised housing and services tailored to their needs. Secondly, the demand for senior living facilities is driven by changing lifestyles and the desire for an active and socially engaging retirement. Real estate developers see this as a lucrative opportunity to cater to the specific requirements of this segment.”
“Real estate players are expected to further expand their presence in this market, offering a wider range of options to cater to different needs and preferences,” says Mr. Anikipatti, adding that with evolving lifestyles and changing expectations, senior living projects that provide comprehensive services, promote active ageing, and prioritise residents’ well-being are likely to thrive.
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