Key Senior Housing Markets Not For USE

The leading senior housing markets are Bengaluru, Chennai, Coimbatore, Pune, and Delhi-NCR, dominated by key players like Ashiana, Manasum, Paranjape, Primus Life and Antara.

However, south India has a higher demand for senior housing than other regions. According to CBRE’s Golden Opportunities from the Silver Economy report published in April 2024 year, Tamil Nadu, Karnataka, Kerala, Andhra Pradesh, and Telangana command 62 per cent of India’s total market share for senior housing, while seniors in these states account for 25 per cent of their combined population.

South India, the report notes, also has leading healthcare players, and a higher percentage of parents of non-resident Indians (NRIs), indicating the financial wherewithal they wield, for the market to grow.

Says Reddy of Naredco: “The senior living market is expected to reach approximately $12 billion by 2030, up from its current size of $2-3 billion as per Colliers. This growth is driven by both private and institutional investors. Also, the sector is beginning to attract foreign direct investment (FDI). Although exact figures are not widely available, there has been increasing interest from foreign investors, particularly those from countries like Japan and the US, where senior living is a mature segment. They see potential in India’s ageing population and the growing demand for quality senior living.”

South’s significant market share is also attributed to the changing family structures. Varayur explains, “Compared to north India, many people in the south are from the working class, and they would have moved out, and families have become already nuclear, whereas, in the north, many are still in the business class and stay in a family or joint family.”

However, satellite cities on the outskirts of Delhi NCR, like Gurugram and Bhiwadi, are also drawing buyers’ attention. C.M. Nagpaul, 80, who retired as general manager of National Fertilisers in 2004¸ and now lives in Ashiana’s Nirmay Senior Living Project in Bhiwadi, Rajasthan, says, “I am here since 2021. It has low maintenance costs with a 24-hour medical and ambulance service. I can breathe pure oxygen; there is no noise or traffic pollution, and no outside vehicle gets in.”

Before coming here, he and his wife lived in a 2,000 sq. ft. four-bedroom house in Noida. His two sons are settled abroad, in the US and the UK.