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Realty firms eye senior living as rising demand reshapes home market
Aneeka Chatterjee Bengaluru
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Realty companies are increasingly looking at senior living residential projects as a future revenue opportunity, as demand for high-end apartments with healthcare and medical facilities within complexes is expected to rise.
Developers including the Max group, PioneerUrban, Lifebridge Group, and others like Manasum Senior Living, Ashiana Housing, Primus Senior Living, and Paranjape Schemes with its Athashri brand are expanding within this segment. Most prefer multi-generational projects, which include senior-specific residences as part of a larger residential complex, while others are venturing into dedicated developments.
'We are foraying into senior living. Our first project will be launched before the end of
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PioneerUrban Land and Infrastructure Ltd, which recently entered the luxury senior living segment with its ₹300 crore 'Advait' project in Gurugram, now plans to expand its joint venture with the J K Organisation to Tier-2 cities and towns, including Rishra near Kolkata. The venture, under the latter's real estate arm J K Urbanscapes Developers Ltd (formerly J K Cotton Ltd), aims to optimise landbanks in locations such as Kolkata, Varanasi, Dehradun, and Jaipur, Rakesh Bohra, chief operating officer of PioneerUrban, told He said the company plans to invest ₹1000 crore over five years in developing these land parcels, excluding land cost, as the land is owned by the J K Organisation. PioneerUrban is looking to replicate its senior living project model in Tier-2 cities through its joint venture with the J K Organisation, leveraging the latter's land banks across India. "The partnership with JK is based on the synergies we bring to the table in terms of vision, land holdings and real estate development expertise. This project in Gurugram is a test case, to showcase the product,' Bohra said. He noted that senior living is not a concept that can be marketed purely through brochures. 'It's a product people need to experience to understand its value. Gurugram has a cosmopolitan audience that is more open to new ideas. Once proven here, we plan to expand across North India and in Rishra near Kolkata.' The land parcels identified for future senior living projects are located in Tier-2 cities where the J K Organisation owns land adjacent to its factories. These include a parcel between Varanasi and Mughalsarai in Benares, land in Rishra near Kolkata, a site in Jaipur, and another in Dehradun. 'A 3-4 acre parcel is ideal for a senior living project. We are working through our 50:50 joint venture, Pioneer JK Senior Living LLP, to take this vertical forward,' Bohra said. Earlier this year, the company announced its foray into luxury senior living with the launch of 'Advait' in Gurugram. The project, a joint venture with the J K Organisation under Pioneer JK Senior Living LLP, marks the first IGBC platinum-certified project in Haryana to receive a license under the state's retirement policy, the company said. Haryana's state retirement policy, launched in 2024, has been developed in response to a growing trend of smaller family units and an ageing population. It is supposed to benefit those who live alone or in nuclear families. Each project must include a dining hall of at least 100 sqm, a medical room and a recreation room of 500 sqm. This should include space for a gym, indoor games and community activities. In addition, Pioneer Urban has been appointed as development manager and consultant by JK Urbanscapes for a separate residential project in Kanpur. The 50-acre land parcel will be developed in two phases, with the first phase comprising 21 acres. 'As development managers, we will provide end-to-end services, from conceptualising to delivering the project,' Bohra said. 'We signed the agreement in 2022 and recently received Change of Land Use (CLU) approval to convert the land from industrial to residential use. The first phase is expected to launch in January 2026. The remaining 29 acres will be developed once the 21 acre phase 1 is stabilised,' he said. PioneerUrban is developing a luxury senior living project named Advait in Sector 50, Nirvana Country, Gurugram. Spanning 2.6 acres, the project involves an investment of ₹300 crore and is expected to be ready for possession by early 2027. Located with direct access from Golf Course Extension Road (GCER), the project comprises four 18-storey towers with a total of 164 fully furnished 2BHK residences. The units are priced between ₹3.3 crore and ₹3.6 crore. While the project is open to all buyers, at least one resident must be a senior citizen aged 55 or above. Around 65% of the buyers are from Gurugram, many of whom are downsizing from larger homes into compact 2BHK units. The remaining buyers are primarily from South and West Delhi, particularly bungalow owners. Nearly 40–45% of the buyers are financially independent singles, both men and women, he said. Also Read: Here's why south Indian cities such as Bengaluru, Chennai and Hyderabad dominate demand for senior living housing The project is expected to offer concierge service, a 36,000 sq ft clubhouse, hobby rooms and open lounges at the ground level, specially designed gardens including spice and aromatic gardens, on-site restaurant and bar with a kitchen capable of preparing customised meals, with dine-in and in-room service options. Fully furnished guest suites for visiting family, are also expected to be available for a fee. The project has tied up with Fortis for 24/7 emergency support. Given concerns about pollution in Gurugram, the apartments are expected to be equipped with treated fresh air units, Bohra added.
