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Although an increasing number of senior living projects are coming up in India, most of them remain concentrated in South India. In fact, about 70% of all the senior living projects in India are based in the cities of Bengaluru, Coimbatore, Kochi and Chennai. The western part of the country has the second-biggest share of senior housing, followed by North India.
In India, senior living grew as a housing segment only in the last 20 years or so, and is still at a nascent stage. However, it is a strong residential real estate segment globally, and is growing quite fast. The senior living segment has flourished particularly well in developed countries, as they have older population profiles.
The segment is indeed growing in India as well, with a growing number of senior citizens seeking retirement homes within the price range of INR 1 crore to INR 2 crores. However, it seems that 2 BHK homes priced below INR 45 lakhs are still the most preferred configuration. Real estate companies see this as a golden opportunity and have started venturing into the senior living sector. While some are coming up with standalone senior living projects, others are building dedicated residential towers with special amenities for the elderly.
The Indian population is ageing at a rapid pace, and the number of senior citizens is expected to grow by 130% from 2020 to 2050. Developers would likely come up with senior housing projects based on different models to capture the booming market. Real estate investors can safely assume that this sector would display impressive growth in the coming years.
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