September 11, 2020
Ever since you were born, you have had an elder sibling who’s been teasing you that you were an adopted child. When you stepped foot in the school or college for the first time, the seniors took you to task in one way or another (on a lighter note, of course). Cut to, work-life where you have to constantly keep proving your seniors that you are better and deserve a promotion. Now, you are a “Senior Citizen” yourself and you are in the driver’s seat.
It is estimated by the United Nations Population Fund & Help Age India that India’s aged population (>60 years) will touch 173 million by 2026. The demand for senior living is likely to accelerate demand for senior living during the pandemic. COVID-19 has highlighted the elder generation needs safety, care, well-being and companionship. As such, this asset class is a significant opportunity for developers and investors of senior living segment in India.
Senior living projects have grown mainly in the outskirts of the major cities and in Tier 2 & 3 cities across the nation. Cities such as 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 & 3 cities have more supply - a 60% share approximately including 33 projects. Tier 1 cities have just 22 projects dedicated to seniors. Senior living developments for independent seniors have opened up many avenues for major real estate players.
The top players in the industry operate on either of two models – outright sale or rentals (with security deposit and monthly charges). Average monthly rentals in senior living residences across cities range from INR 30,000 and can go up to INR 1 Lakh, depending on type of occupancy, facilities, etc. The property prices for outright sale vary depending on the city, facilities on offer, configuration, etc. The maximum supply across cities lies in the range of INR 20-80 Lakh, depending on various factors. There are also some limited exclusive high-end senior living projects wherein units are priced between INR 2-8 Crore.
If you have been an avid customer of Paranjape, Athashri is one project that comes across as the epitome of brand promise and trust. Understanding the need of the changing times, Paranjape pioneered the concept of senior living - Athashri. Carefully conceptualized by experts with an experience of 18+ years in managing senior living, the senior citizens here enjoy a hassle-free and joyful living with special healthcare, maintenance and security services. Spread across Pune, Bengaluru, Baroda and California, the spaces are thoughtfully designed with dignity because their peace of mind is as priceless as their smiles.
If you wish to know more about Paranjape Athashri projects, visit www.pscl.in/athashri
Posted September 21, 2020 | By: Admin
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