Developers integrating senior living with larger housing projects

17 Sep 2024 CW Team

Companies like Max Group’s Antara and Manasum Senior Living from Bengaluru have planned intergenerational projects in cities such as Gurgaon, Goa, and Bengaluru, reflecting a broader trend among developers. Rajit Mehta, the CEO of Antara Senior Living, highlighted that the concept of intergenerational living brings together various generations within a single community, offering seniors companionship, emotional support, and a sense of safety. Antara’s current projects include one in Dehradun and another soon to open in Noida, with ongoing discussions about new projects in Chandigarh, Bengaluru, Hyderabad, and Chennai.

Kushal Ramesh, co-founder of Manasum Homes, noted that Goa's appeal as a retirement destination goes beyond its beaches and relaxed lifestyle, making it an attractive location for senior living projects. Manasum's project, Ikigai Goa, spans 7.5 acres and is part of a larger development designed as an intergenerational community. While Goa is popular for its leisure appeal, spiritually significant locations like Vrindavan and Ayodhya are also emerging as sought-after retirement destinations. Ramesh mentioned that in cities like Bangalore and Goa, larger projects are feasible, but in spiritual cities, a rental model will be used to accommodate seniors for varying durations.

JK Urbanscapes, the real estate division of the JK Group, has entered the senior living market with a 2.6-acre project named Advait in Sector 50, Gurgaon. Promoted by Abhishek Singhania, the company plans to undertake 2-3 more senior living projects in the National Capital Region and is exploring opportunities in Hyderabad, Bengaluru, and Kolkata.

According to real estate services provider Colliers, India currently has around 20,000 units in the organised senior housing sector, representing a 1% penetration rate and highlighting a significant demand-supply gap. This contrasts with countries like the US, UK, and Australia, which have more developed senior living markets with penetration rates of 6-7%. India’s senior living market is less mature, with a notable supply concentration in southern cities, suggesting substantial growth potential in other regions. There is a current need for 1.8-2.0 million senior housing units, with expectations for significant future growth.

Senior living facilities are increasingly being integrated into broader housing projects, as developers recognise the importance of keeping seniors connected with the wider community. Initially, senior living projects were developed on the outskirts of cities, but now there is a shift towards including these facilities within urban areas and as part of larger residential developments. Companies like Max Group’s Antara and Manasum Senior Living from Bengaluru have planned intergenerational projects in cities such as Gurgaon, Goa, and Bengaluru, reflecting a broader trend among developers. Rajit Mehta, the CEO of Antara Senior Living, highlighted that the concept of intergenerational living brings together various generations within a single community, offering seniors companionship, emotional support, and a sense of safety. Antara’s current projects include one in Dehradun and another soon to open in Noida, with ongoing discussions about new projects in Chandigarh, Bengaluru, Hyderabad, and Chennai. Kushal Ramesh, co-founder of Manasum Homes, noted that Goa's appeal as a retirement destination goes beyond its beaches and relaxed lifestyle, making it an attractive location for senior living projects. Manasum's project, Ikigai Goa, spans 7.5 acres and is part of a larger development designed as an intergenerational community. While Goa is popular for its leisure appeal, spiritually significant locations like Vrindavan and Ayodhya are also emerging as sought-after retirement destinations. Ramesh mentioned that in cities like Bangalore and Goa, larger projects are feasible, but in spiritual cities, a rental model will be used to accommodate seniors for varying durations. JK Urbanscapes, the real estate division of the JK Group, has entered the senior living market with a 2.6-acre project named Advait in Sector 50, Gurgaon. Promoted by Abhishek Singhania, the company plans to undertake 2-3 more senior living projects in the National Capital Region and is exploring opportunities in Hyderabad, Bengaluru, and Kolkata. According to real estate services provider Colliers, India currently has around 20,000 units in the organised senior housing sector, representing a 1% penetration rate and highlighting a significant demand-supply gap. This contrasts with countries like the US, UK, and Australia, which have more developed senior living markets with penetration rates of 6-7%. India’s senior living market is less mature, with a notable supply concentration in southern cities, suggesting substantial growth potential in other regions. There is a current need for 1.8-2.0 million senior housing units, with expectations for significant future growth.

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