Social Integration: Senior Living Facilities Joining Broader Housing Projects
The concept of senior living facilities is evolving. Previously, these facilities were built on the outskirts of cities, away from the hustle and bustle of urban life. However, developers are now recognizing the importance of integrating senior living into the larger community. By doing so, they create intergenerational living projects, combining various generations in a single community.
An Idea Gains Momentum
Leading the way in this new concept of intergenerational living are companies like Max Group’s Antara and Manasum Senior Living from Bengaluru. These companies have planned projects in cities such as Gurgaon, Goa, and Bengaluru, echoing a trend emerging within the developer community.
The Benefits of Intergenerational Living
Rajit Mehta, CEO of Antara Senior Living, explains the advantages of intergenerational living. Seniors not only have companionship but also emotional support and a sense of safety. By creating communities that foster interactions between different age groups, developers are successfully addressing the needs of seniors in these living arrangements.
New Projects and Growing Interest
Antara Senior Living currently has projects in Dehradun and Noida, with further discussions about upcoming projects in Chandigarh, Bengaluru, Hyderabad, and Chennai. On the other hand, Manasum Senior Living is developing the Ikigai Goa project, which spans 7.5 acres within a larger development designed for an intergenerational community. It is worth mentioning that Goa’s appeal as a retirement destination extends beyond its beaches. Locations like Vrindavan and Ayodhya, with their spiritual significance, are also attracting individuals looking for retirement homes.
Different Approaches for Different Locations
Kushal Ramesh, co-founder of Manasum Homes, highlights the need for flexibility when it comes to senior living projects. While larger projects like those in Bangalore and Goa are feasible, providing opportunities for various activities and amenities, spiritual cities require a different approach. In these cases, a rental model is a practical option, accommodating seniors with varying durations of stay.
Growth Opportunities in the Senior Living Market
Entering the senior living market is JK Urbanscapes, the real estate division of the JK Group. Their Advait project, located in Sector 50, Gurgaon, spans 2.6 acres. Abhishek Singhania, the driving force behind this venture, plans to undertake 2-3 more senior living projects in the National Capital Region and further explore opportunities in Hyderabad, Bengaluru, and Kolkata.
However, despite the interest and niche projects, India’s senior living sector is in its nascent stage. According to real estate services provider Colliers, the country only has around 20,000 units in the organized senior housing sector. This represents a mere 1% penetration rate. In contrast, countries like the US, UK, and Australia boast mature senior living markets with much higher penetration rates, reaching 6-7%.
Yet, with the concentrated supply of senior housing limited to southern cities, there is significant growth potential in other regions. The demand for 1.8-2.0 million senior housing units highlights the untapped market and the prospects for substantial growth in the future.
In Conclusion
The integration of senior living facilities into broader housing projects reflects developers’ recognition of the importance of social integration across different age groups. With companies like Antara Senior Living and Manasum Senior Living leading the way, these intergenerational communities offer seniors not just a place to reside, but a sense of connection, safety, and support. Expanding beyond the traditional retirement destinations, developers are exploring opportunities in places like Goa, as well as nurturing potential senior housing markets in spiritual locations.
While there is still considerable room for growth in the Indian senior living sector, the entry of players like JK Urbanscapes and the demand for millions of senior housing units make it clear that this niche market is poised for considerable expansion in the years to come. Developers are beginning to see the value of creating integrated housing projects that foster intergenerational connections and address the specific needs of seniors, establishing a place where different generations can thrive together within a single community.
