Senior Living finding its space amidst the growing real estate sector
As the real estate sector continues to witness unprecedented growth and innovation, the niche of Senior Living is emerging as a vital and undetectable sub-asset, catering to the unique needs of an ageing population. The ageing demographic is a global phenomenon, and with longer life expectancies, there is an increasing demand for housing and facilities tailored to the needs of seniors. This surge in demand has given rise to a new dimension within the real estate market, where developers and investors are recognizing the potential and long-term sustainability of Senior Living projects.
In India as well, a rapidly-ageing population and their increasing demand for specialized services and amenities have fueled the booming senior living market. The recent market report on senior living by Mordor Intelligence states that currently, this niche market is valued at $10.15 billion and is expected to grow with CAGR above 10% due to reasons such as increasing life expectancy, nuclear family set-up, financially independent seniors and the return of NRIs.
Major cities like Chennai, Pune and Bengaluru presently dominate the market for senior living; however, the future points to growth in non-metro cities such as Bhiwadi, Puducherry and Dehradun. These cities offer attractive financing options, large tracts of available land as well as open spaces which are a perfect match for the seniors’ inclination towards low-density living. This change represents a good opportunity for developers to move into less crowded markets that will help develop a thriving senior living ecosystem throughout the country.
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What distinguishes Senior Living from other property options is
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