2 weeks Ago By Vivek Narayanan
Chennai: Seventy-year-old K Chellapa retired from a private company and lives with his wife Kala in Chengalpet. As their children have settled abroad, the elderly couple want to settle down in a senior living gated community away from the hustle and bustle of the city and have begun their hunt for a facility that offers them medical care, safety, and camaraderie. Post-Covid, many elderly people including NRIs are moving into exclusive senior living communities on the city's periphery.
Due to this demand, areas abutting GST Road and ECR have become a hub for senior living facilities due to connectivity, serenity, and access to hospitals. The Bengaluru highway is not a sought-after stretch due to the lack of a sufficient number of hospitals. Once medical facilities start developing, it will be a prime locality too, say developers.
Chennai senior living market is approximately 5 million square feet and is expected to double in the next five to seven years. "Elderly parents, whose children are settled abroad, prefer moving into such communities rather than living in individual homes or apartment complexes. This provides them engagement with a peer group, immediate medical attention, and a self-sustainable ecosystem," said Arun Rajan, chief executive officer, Arihant Foundation and Housing Ltd.
He said that along with Ashiana, they have already launched 1,000 units on GST Road and will be launching another 450 units on ECR. The demand for senior living is stemming from individuals opting for early retirement. "There has been a gradual increase in the number of people opting for early retirement.
This segment is physically healthy and aspires for an active lifestyle. They opt for senior living communities early to blend into the community during their golden years," said Sanjay Chugh, city head and director, Anarock Property Consultants Pvt Ltd. Ashwin Kumar Iyer, Director of ELEMENTS Senior Living, said that they have launched more than 300 units in the city and periphery.
"Our price ranges from 35 lakh to 1.5 crore. We provide our customers with maintenance of their homes, housekeeping, food, and entertainment," he added.
However, developers said that the buyers of senior living projects require govt support in the form of insurance and subsidised loans. "If the govt supports us with incentives and policies, this segment will grow," said a developer..
