Now in India also it is boom time for retirement homes

29 Apr 2013 CW Staff

Retired Indians are increasingly craving for ideal homes to lead a peaceful life, quite like the American trend. According to projections, India’s older population would rise significantly by the middle of the century. People aged 60 and above may increase from 8 per cent in 2010 to 19 per cent in 2050, according to United Nations Population Division.

India is likely to have as many as 323 million 'seniors’ by the middle of the century. So when last year Max India announced entry into the senior living business with an investment of Rs 240 crore through a group firm 'Antara Senior Living Pvt Ltd' it promoted the project as ‘fun and laughter, 60 and after’.

Max is among the many groups tapping the niche elderly housing market, promising them good living with facilities ranging from medical to security to recreation. A report by international consulting firm Jones Lang LaSalle (JLL) estimates that there are about 30 senior living projects in India spanning across cities, but concentrated mainly in Kochi, Chennai, Pune, Bangalore and Coimbatore. In addition, over 30 such projects are in the pipeline, says JLL.

Developers such as Ashiana offer such projects in the north and the west including in Bhiwadi, Jaipur and Lavasa with plans of opening 3 more this year, one in Kolkata and the other two down Southand The Golden Estate has its project in Faridabad with plans to enter Hyderabad and Bangalore later this year.

The space has also grabbed the attention of Tata Group, which last week announced its senior living project 'Riva’ in Bangalore. Among the other companies that have such senior living projects include Covai in Bangalore, Chennai and Coimbatore and Athashree in Bangalore and Pune.

The report pointed out that the current demand for senior housing in India was about 3 lakh units. “By 2025, it is estimated that there will be 173 million seniors above the age of 60 compared to the 76 million today, says a report.