| Address: New Delhi, Delhi |
Although the senior housing sector in India is at a nascent stage, it presents huge opportunities for real estate developers, service providers, healthcare players and operators. According to a report by the PHD Chamber of Commerce and Industry, titled ‘Senior Housing: A Sunrise Sector in India’, developers felt that this sector has the potential to reach USD 7.7 billion by 2030, from USD 1.26 billion in 2016, on account of the conducive framework in our country.
According to the survey, around 78 per cent of senior housing projects in India are operating in the western and southern regions, while only 22 per cent exist in northern India. The key cities that emerged as a retirement-friendly destinations in the northern region are NCR, Chandigarh, Dehradun, Lucknow, Jaipur and Amritsar. In the north-eastern region, the emerging retirement cities are Guwahati and Shillong. In the eastern region, Ranchi, Jamshedpur, Kolkata and Patna are the emerging cities. Mumbai, Pune, Nasik, Ahmedabad, Vadodara, Panaji and Surat are the cities opted by residents in the western region. Bengaluru, Chennai, Hyderabad, Coimbatore, Mysore and Puducherry are the key cities in the southern region, which have emerged as preferred post-retirement destinations. The key factors that contributed to cities being considered as retirement-friendly destinations, include better connectivity, being native places, familiarity with the area, climatic familiarity, better employment opportunities for children, etc.
Most of the respondents (about 70 per cent) opined that the top five places that will emerge as retirement-friendly destinations, were Bengaluru, Hyderabad, Mumbai, NCR and Chandigarh. About 52 per cent of the respondents expressed their interest in post-retirement employment assistance in areas like education, teaching, administrative, NGOs, etc. Further, about 57 per cent of the residents opined that they would like to opt for loan facilities for purchasing senior living homes. The study focused on the senior housing sector in India, the views of key players or stakeholders operating in this sector, including consumers. A survey of about 30 senior housing project developers, 486 senior housing residents and 2, 598 prospective consumers, was undertaken.
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