In Bangalore, the race for senior housing projects is well ahead, boasting seven dedicated developments targeted at elderly citizens, unlike Chennai and Pune, which only have three projects each.
Bangalore has firmly established itself as a prime IT hub within India, celebrated for its technological advancements. Various terms such as temperate climate, user-friendly residential sector, and stable property prices frequently characterize this vibrant city. Now, it adds yet another accolade to its portfolio—the highest number of housing projects specifically catering to seniors.
According to a report from global real estate consultancy firm Jones Lang LaSalle (JLL), Bangalore leads the country in initiatives aimed at developing senior-friendly housing. The report indicates a total of seven such projects in the city alone.
Out of the 30 senior housing projects available across India, Bangalore claims a significant portion, as highlighted by JLL.
In contrast, South Indian cities like Chennai and Coimbatore each feature three senior housing projects, while Pune also has an equivalent number, indicating that Bangalore's dominance is clear.
Further, JLL notes the presence of approximately 30 additional projects that are currently under construction, with Bangalore again sitting at the top of this list. Chennai ranks second, followed by Goa.
Prominent developers like Ashiana Housing, Athasri, Covai Properties, and Tata Housing are actively working on these senior-oriented projects.
Notably, Tata Housing is making strides with its Riva Residences project tailored for seniors. The company has ensured that all essential services, including a doctor-on-call, are readily available. This project comes with a pricing range of Rs. 45 lakh to Rs. 65 lakh, catering to the financial capabilities of its target demographic.
The cost for similar projects can vary between Rs. 20 lakh to Rs. 80 lakh, as developers explain that the range depends significantly on the amenities and services provided. Essentially, projects with more comprehensive facilities tend to be priced higher, while those offering fewer services remain budget-friendly.
Tata Housing's Chairman Brotin Banerjee, while elaborating on the Riva Residences, emphasized their focus on attracting high-end retired professionals looking for exclusive living options.
Additionally, Ashiana Housing’s Joint Managing Director Ankur Gupta points out the challenges in marketing these senior housing developments, noting that many potential clients often confuse these "assisted living" projects with traditional old-age homes. He concluded that this prevailing misunderstanding poses a considerable barrier to effectively promoting these valuable living options.