Developers integrating senior living with larger housing projects
Real Estate

Developers integrating senior living with larger housing projects

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.

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

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.

Next Story
Infrastructure Energy

Gujarat Powers Ahead with Solar Energy

Gujarat is emerging as a leader in India’s solar energy sector, with an installed capacity of 14.7 GW, making it the second-highest solar capacity state in the country. The state's total renewable energy capacity stands at 27.8 GW, and ambitious plans aim to add 31.9 GW of solar-wind hybrid projects. These details were shared by Arun Mahesh Babu, Managing Director of Uttar Gujarat Vij Company Limited (UGVCL) and Gujarat Power Corporation Limited (GPCL). Babu highlighted Gujarat’s solar and wind energy projects, which are instrumental in helping India meet its national target of 500 GW of ..

Next Story
Infrastructure Energy

UK Shuts Last Coal Plant as India Maintains Coal in Energy Mix

As the UK officially closed its last coal power plant signaling its exit from coal-based energy, policy experts in India emphasized that coal will remain part of India's energy mix for the foreseeable future. While developed nations like the UK are moving towards coal-free energy systems by 2040, India faces unique challenges as a developing country with substantial energy demands. The UK's closure of its last coal plant marks a significant moment in energy history, as the country had been one of the pioneers of coal power since 1882. According to global energy think tank Ember, more than a th..

Next Story
Infrastructure Urban

NCLAT Clears Supertech to Resume Work on Doon Square in Dehradun

The National Company Law Appellate Tribunal (NCLAT) has granted approval for Supertech to resume construction of its Doon Square project in Dehradun. This decision follows the submission by Supertech that the lender, co-developer, and homebuyers had all accepted its proposal to complete the stalled project. The approval paves the way for the project’s completion within 515 days, or just over one year and four months. Out of the 750 planned units, only 150 studio apartments have been delivered, with the remaining awaiting completion. Supertech’s proposal, submitted to NCLAT, was accepted by..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000