Southern Cities Lead in Senior Living Projects
COVID-19 may push up demand for senior living homes in India. The southern cities have a nearly 69 percent share of these projects, coinciding with the demographic assumption that elderly population growth in the southern states will grow at a faster pace than the rest of India, according to a report by SBI.
While the South Indian market dominates in this category, there are only 55 projects across the country of which 60 percent are located in tier 2 cities and the remaining 40 percent in Tier 1 cities, as per Anarock report.
Senior living projects are mainly in the outskirts of the major cities and in tier II and III cities across the country. Bhiwadi in NCR, Neral in Mumbai, Talegaon in Pune and Devanahalli in Bengaluru are some of the prominent locations around Tier 1 cities, while tier 2 and 3 cities have more supply – a 60 percent share in approximately 33 projects. Tier 1 cities have just 22 projects dedicated to seniors, it said.
Prominent tier 2 cities include Coimbatore, Puducherry, Kodaikanal, Vadodara, Bhopal, Jaipur, Mysuru, Dehradun, Kasauli and Kanchipuram, among others. Key Tier 1 cities are Bengaluru, Chennai, Pune, Noida.