Shako BpOnPoint_Senior_Living_ Jones Lang Lasalle

Senior Living Sector in IndiaAn idea whose time has arrived!

On Point Senior Living Sector in India


Estimated that the population above 60 years (60+) of age in

India will touch 240 million by 2050

Elderly people in India todayTotal population of UK & Canada put together

98 million

3.8% per annum

Growth rate (compared to 1.8% overall)

240 million by 2050

60+Fastest growing

demographic segment in the world

12.6Old Age Dependency Ratio up from 10.6 in 1991 (60-

75% are dependent)

27 million

Estimated seniors need specialized medical care

CHALLENGE OR OPPORTUNITY?


The senior living sector in India is at a crossroad. With the recent relaxation of Foreign Direct Investment (FDI) restrictions on investments in the sector and a population of seniors (nearly 100 million seniors in India now) to cater to in the coming decades, there clearly exists an untapped opportunity for investment and development in this sector. Unlike western countries where the senior living industry has gained maturity, India provides an opportunity to developers, service providers, healthcare players and operators to create solutions specific to India while leveraging learning from across the world.

In this white paper, we showcase seniors in India as a demographic segment, bring out key trends in senior housing in India, assess overall market potential, focus on best practices, and bring out for the first time a pan-India preview of senior living projects in India. Jones Lang LaSalle intends to keep this white paper at an introductory level and will bring out subsequent editions providing more in-depth analysis of specific aspects of senior living.

Senior Housing Segment in a Global Context Increasing life expectancy, decreasing fertility rate, lower mortality rates and an overall enhancement of the standard of living across the world has contributed to people living longer than ever before. In 008 as per the National Institute of Aging (USA), it was estimated that the senior population (above 60 years of age) in the world was 506 million. The population of seniors across the world is projected to become 1.3 billion by 2040. This increase in population in the segment will bring with it unique sociodemographic situations which have not been experienced by society at large. For the first time in human history in 2021, the total number of seniors will be greater than the number of kids below 5 years of age. While developed nations will still have a large number of seniors, the rate of growth in senior population in developing nations will be double that of developed nations. The 80+ age segment is actually the fastest growing segment amongst population cohorts in several nations. China and India are projected to have almost 50% of the 1. billion worldwide seniors by 00.

Seniors need specialized housing catering to their needs. What started in early 19th century in the USA to cater to housing for seniors mainly through the interventions of religious groups and charitable bodies is now recognized in the USA as a prominent asset class. Senior housing is a USD 5 billion industry worldwide. In USA alone there are over 2,000 senior housing projects with over 500,000 residents. While the sector commands large numbers, it is also important to get a sense that only about 12% of seniors in the USA live in formal senior living projects and less than 4% stay in Australia.

In contrast to senior living in the west, the concept of housing for seniors as a specific asset class in India continues to have social stigma associated with it which has restricted the growth of the sector at large. There is, however, now a growing realization

amongst urban households, who in the last 0 years have witnessed a marked increase in nuclear families1, that families are no longer equipped to take care of their aged family members. In this changing social environment, concepts such contemporary retirement resorts are becoming acceptable and popular. While this has prompted developers to come up with projects targeting the independent seniors, the country is yet to see integrated continuing care retirement communities.

1As per the findings by National Family Health Survey in 2005-06 (NFHS-3), every three out of five households (about 63%) in India are nuclear.

On Point Senior Living Sector in India 5

The Emerging Need for Senior Housing in India Staying Ahead of the CurveAlthough India is still younger than USA and Japan from a demographic standpoint, the process of ageing has begun in the country. It is anticipated that the elders in India would increase both in absolute numbers and relative strength, indicating a gradual swing to a senior population. As per Census of India projections, the percentage of elders as a percentage of total population in the country would jump from 7.4% in 2001 to 12.4% in 2026 and touch 19.7% in 2050 (Figure 1). In 2011, India had about 76 million seniors above the age of 60 years and it is expected that this figure will grow to 173 million by 2025, further increasing to about 240 million by 050. This marked increase in elderly population would involve a change in an important sociological aspect, the old age dependency ratio. Interestingly, by 050, it is estimated that the number of dependent adults in India will be at par with the number of dependent children. The population pyramid shows that the movement of the bulge in the population northwards to higher age cohorts with time (Figure ). Besides growth in sheer numbers, seniors are also evolving as a customer segment and have needs and wants, which are different from seniors in earlier times. A significant section of seniors today are independent, financially stable, well-travelled, socially connected, and as a result have well developed thoughts of how they want to spend time after retirement. There is, today, a larger percentage of educated seniors than ever before in India (Figure ).

Seniors now consider life after retirement as an opportunity to spend more time with families, pursue hobbies, develop new interests or even continue working or starting a new career. While it is true that the seniors are more independent and better equipped to take decisions post their retirement, it is equally correct to say that their needs are not rightly understood and therefore not met appropriately by both public and private sector at large. The senior community presents a tremendous opportunity to service providers and entrepreneurs to not only innovate on their housing needs but addressing their various lifestyle service and product needs.

Source: Census of India, NSSO Projections, JLL analysis

Figure 1: Projected Growth in Number of Seniors in India


76m7.4%

8m7.5%

98m8.2%

118m9.3%

1m10.7%

173m1.%

00000600800

10001001001600

001 006 011 016 01 06

Millio

n

Rest of Population Population 60+

Figure 2: Increase in Literacy Amongst Seniors in India


19 8

958 61

1

6675 77

0

0

0

60

80

100

1991 001 008

Female Urban Male UrbanRural Urban

0-

10-1

0-2

0-3

0-4

50-5

60-6

70-7

80+2001 2006 2011 2021

Figure 3: Population Pyramid - Elders Increasing with Time

6 On Point Senior Living Sector in India

Addressing Needs of the Senior PopulationBesides catering to basic needs such as housing, nutrition, security and convenience aspects, solutions for housing for seniors across the world are now addressing the wellness needs of the seniors, providing better and preventive healthcare, engagement, companionship and planning for higher levels of resident dignity and independence. Wellness as a perceivable need is transforming from just physical wellness to encompass financial, spiritual, emotional, intellectual, social and environmental wellness.

Seniors in India are typically taken care of by their children or family members. With younger generations traveling to different parts of the country and abroad, a large segment of seniors today are staying alone. Seniors staying alone in Indian cities in traditional housing expose themselves to risk of urban crime besides taking on the myriad hassles of day-to-day living in an urban ecosystem which is not sensitive to their requirements.

Healthcare remains as one of the most important needs for seniors. Seniors are more prone to get affected by ill health than younger groups. Ageing is usually always accompanied by various physical and mental ailments. Thus, healthcare considerations must be kept paramount when looking at housing solutions for seniors. In India, healthcare groups can play an active role in the senior living industry either venturing into the space on their own or partnering with corporate developers serious on the senior living sector from a long term perspective.

It is imperative that real estate developers understand and acknowledge the unique necessities of the elderly while catering to the sector. The aged population faces numerous issues, typical of the sunset years of their lives. The growing sense of insecurity, loneliness, fear of obsolescence within the family, increasing

Figure 4: Needs of the Senior Population

physical disability, difficulty to access transport, quality healthcare and geriatric care, complexity in conducting the daily chores of family life are some of the several issues that the aged often face. These, compounded by poor accessibility to government and other support systems, insurance and legal assistance create severe problems for seniors.

The real estate environment being developed for seniors should recognize and address these issues to ensure comfort to and compatibility with this special population group. It should also keep in mind sensitivities to unique Indian cultural aspects regarding how seniors are treated in India and offer community life upholding their sense of respect and self-esteem.

SPIRITUAL EMOTIONAL

FINANCIAL INTELLECTUAL

ENVIRONMENTAL PHYSICAL

SOCIAL

Holistic Living

Source: Jones Lang LaSalle Education, Healthcare and Senior Living

Figure 5: Needs of the Senior Population

Financial

Reduced source of income

Legal

Government tax machineryProperty maintenance

Practical

Crimes against seniorsDay to day bill paymentsDay to day shoppingUnsafe travel

Emotional

Increase in lonelinessLoss of sense of securityLack of companionshipChildren staying abroad

Healthcare

DementiaGeriatric problems



Key Challenges in the Senior Living Sector in India

Social StigmaThe largest stumbling block for senior living in India is the social stigma attached with the concept. While senior living projects like Athashree in Pune has seen an increased acceptance of the concept in the community, a lot more needs to be done to make the concept acceptable to larger sections. Entry of professional and reputed corporate groups developing lifestyle senior housing projects with a strong emphasis on service delivery rather than real estate will change the perception of such projects and shift the positioning from social stigma to an aspirational project to be in.

AffordabilityDespite demand, senior living in India is far from a flourishing reality owing to issues of affordability. Divided between diminishing finances post-retirement and an aspiration to live independently, the higher perceived operating expenditures of a senior housing community reduce seniors interest in such projects. As per research undertaken by Jones Lang LaSalle, viable operating expenditures in a senior living facility will range anywhere between INR 15,000 5,000 per month at the standard level and INR 35,000 - 45000 per month per couple at the luxury level (inclusive of food, security, common utilities, engagements, activities, preventive wellness, common transport but excluding medicines, unit level utilities, and real estate costs).

Manpower Senior care requires trained manpower at various levels from doctors trained in areas of geriatric sciences, paramedical staff, care workers, and professionals who have working experience in designing, executing and operating senior living projects. In absence of trained senior care manpower, current housing solution providers often use people from hospitality and healthcare background. While this is a good start point, there is a need to setup focused institutions and spread awareness of the sector as a viable career option offering tremendous opportunities in the long run.

Legal FrameworkThough The Maintenance And Welfare Of Parents And Senior Citizens Bill 2007 provisions for the maintenance and welfare of parents and senior citizens, the country is yet to see any major progressive legislation in areas of senior living standards, service standards, financial products, legal support etc. There is a need to bring in innovations in provisions related to reverse mortgage and

other financial innovations which can have a far reaching impact on the sector. There is also need to offer incentives on FSI to further motivate real estate developers entering the sector.

Levels of Care in Senior Housing FacilitiesAs seniors move from being young seniors to elder seniors from their 60s to 80s, the needs of seniors undergo radical changes. As a result, housing solutions which work when the senior is fit mentally and physically will start failing when the person needs higher levels of care and is facing age-related health changes like vision / hearing impairment, arthritis, and forms of dementia. Taking this into consideration, senior living projects globally propose a concept of age in place where all required facilities are present within the same campus so that the senior does not have to move out of the campus with age.

Independent LivingThe continuum of care for seniors begins with Independent Living (IL). Typically, an IL unit is not different from traditional housing but is better designed from an architecture standpoint with various design interventions taking care of seniors. These could range from better lighting, mobility facilitation, and aspects of universal design. Bathrooms and kitchens are designed to accommodate wheelchairs and walkers, hallways and doors are wider and tiles and flooring are anti-skid. Socialization plays an important role in uplifting the atmosphere of the IL and improving the health stature of the residents.

Assisted LivingAssisted Living (AL) units allow residents to have access to care workers who can assist the residents in day-to-day activities. It is possible in the Indian context to merge IL and AL and having provision for care worker rooms within the IL units. Such care worker units could double as an office in the younger stage and allow for a 24/7 care worker stay if required in later years. Both in IL and AL, residents have access to short and long term nursing needs, if and when necessitated, while enjoying the environment similar to their home. This reduces the need to travel to hospitals and also instills a healthy form of lifestyle so as to slow effects of ageing.

Skilled Nursing CareSkilled Nursing Care (SNC) provides residents with nursing care facility. It has provision for taking care of physical or mental disabilities and the residents are provided with physical, occupational and rehabilitative therapies. Services increase considerably in


this stage with availability of nursing aides and assistants; physical, occupational and speech therapists; social workers and recreational assistants; and transportation. Greater care is required in a timely and appropriate manner. The prime objective during this stage is to provide a holistic and yet home-like environment to the residents.

Progressive projects now allow IL, AL and SNC and optionally Alzheimer care facilities all within one campus however, they may be phased over a period of time. This allows for a continuum of care and residents benefit from having all facilities in one campus-like environment. Such facilities get termed as Continuing Care Retirement Communities. CCRCs are yet to see a presence in India although a few corporate groups have now designed blue prints to come up with such projects.

Note: Most projects in India currently are Independent Living projects whereas continuing care communities are a global trendSource: Jones Lang LaSalle Education, Healthcare and Senior Living

Top 6 Age Related ChangesHearing impairment

Failing visionOsteoporosis & Arthritis

Diabetes & HypertensionCardiac disorders

Dementia in various forms

50-70 years

Active Adult, able to take care of self and no serious

healthcare ailments.

Independent Living

1 Bed room independent apartment or villa / cottage

All common facilities such as Club House, Recreation, Health Club, Social Activities, Continuing Education, Eateries, Business Conferencing, Travel TourismMaintenance, Housekeeping, Security, Travel needs, Social needs taken care ofMeant for 50+ population only

65-75 years

Active Adult, but needing some support systems during

the day

Assisted Living Spaces

Staff available for taking care in dressing, bathing, reminders, and other daily activities; Assistance in non medical, non nursing needsHome like atmosphere, smaller unit sizes1 bed room with larger toilet and a pantryComfortable support system with stress on social aspects

Above 70 years

Need continuous medical attention and care in a homely environment

Above 50 years

Enter in an independent villa or apartment and move to assisted

and nursing as you age

Skilled or Nursing Care Continuing Care Community

Equipped to address 24 hour medical concernsNear Medical environment for maintaining elders needing continuous careLesser unit sizes meant for high degree of careInteriors are friendly and unlike typical hospital space yet equipped like a nursing facilityIdeal for short stay post operation or injury also

Age in Place concept

Designed to address changing needs with growing age related requirementsRemoves need to move when you grow olderTakes care of short stay nursing needsA campus like environment with lot of social life, activities and complete freedom from day to day stress of making food, maintenance, travel etc.

Figure 6: Levels of Care in Senior Housing Facilities


Formats of Senior Housing FacilitiesSenior housing formats vary from small scale Urban Formats to large scale Suburban Formats. Due to lack of availability of land parcels within the city, the urban formats are typically planned vertically, while suburban formats are low-rise developments spread over a larger expanse.

Figure 7: Format of Senior Living Facilities


Urban City Centre

Formats

Small scale CCRCs, spread over 1-4 acres, are urban formats. Typically, these

are located within city limits and are vertical in design owing to lack of space for spreading out. All the amenities are stacked floor-wise and are within easy

reach of the residents. A vertical CCRC is increasingly correlated with urban spaces and gives the occupant the feeling of an

active lifestyle. There is a heightened sense of socialconnect, interaction and

security, since all the residents stay close to each other.

Peri-Urban Formats

Mid-scale CCRCs, spread over 4-10 acres, are peri-urban formats. These can be located within the city limits or

on the peripheral locations. They can be apartments, independent houses or villas

replete with all amenities which can be stacked floor-wise or spread out

or a mix of both.

Sub-Urban Formats

Large scale CCRCs, from 10 acres to 50 60 acres are typically sub-urban formats. These are communities with large expanse of spaces for amenities

and independent houses for the residents. Due to lack of space within the city, these are located at the outskirts and provide all amenities within the campus

itself. The target audience for this kind of development is seniors looking for larger spaces. Low rise CCRCs offer large open green spaces, are typically self sufficient in all aspects amenities and healthcare within the campus; and do not require the

residents to travel out of the campus often.


Is your Site Suitable for a Senior Living Facility? What Factors are Important?Senior living projects are specialized projects and therefore have unique location requirements which can make a difference between an average and a successful project. Most Indian cities have options in growth corridors to locate a senior living project. However, factors such as availability of healthcare, social ecosystem, connectivity besides the aesthetics of the site ecosystem continue to play a major role in selection by senior residents.


A suitable location for setting up a CCRC is one which scores high on the positive attributes such as healthcare accessibility, social ecosystem and connectivity; and low on negative attributes such as land value, congestion and crime index. Healthcare accessibility, social ecosystem and connectivity are important considerations for the seniors and hold higher weightage. The good thing about senior living is that it is possible to move out of the city into more affordable zones. However, the developer has to be cautious that the project does not go too much off the social and economic connect of the city in which case the project will face difficulties from an occupancy perspective.

Figure 8: Factors to Consider While Selecting a Location for Building a Senior Living Facility

Healthcare Accessibility Social Ecosystem Connectivity Crime Rate Congestion Index

Spread, quality of and access to healthcare facilities from various locations within each corridor. Typically the

site should be within 0 0 minutes from a good

secondary and tertiary care hospital.

Presence of social facilities such as

temples, clubs, retail mall, entertainment and recreation facilities in the

nearby catchment.

Connectivity to the major city nodes, activity hubs and employment workplaces. Considers

both existing & proposed infrastructure initiatives within the city to ease

commute.

Incidences of crime or the perceived sense of security or the lack

thereof in different pockets of the city.

Sometimes a suburban undeveloped area can be perceived as risky from a crime perspective in-spite

of site level security.

Lower traffic congestion, lower density, lower presence of polluting

industries etc for locations within the

corridors have a positive effect on selecting a location for seniors.

Growth Perspective Aesthetic Ecosystem Land ValueEducation Ecosystem

Employment Destination

Expected growth in terms of civic amenities and infrastructure in a

particular corridor. Senior residents will want to

benefit from locating in growth corridors and

take advantage of capital appreciation.

Presence of well maintained public parks,

roads, water bodies, visual image of built form, control of density, general

cleanliness etc found within locations in each

corridor.

Lower land value (to ensure affordability)

for locations within the corridors can be a strong

attraction.

Spread, quality of and access to educational facilities play a role in

selection of a project. In many cases, presence of such institutions offer residents an opportunity to work and also learn

new skills.

Access to employment hubs and facilities play

a strong role since seniors especially in the independent living stage want to stay employed even if it is part-time or

consultative employment.


Senior Living What is the Demand for Senior Living in India?Demand for senior living comes from a variety of customer segments with varying needs and wants. However, primarily the need for better healthcare in old age, secure surroundings, and a social support system designed to take care of the senior are prime drivers for demand for such assets. The four primary types of customers as per our research are:

TYPE 1 TYPE 2 TYPE 3 TYPE 4Aspirational well-heeled empty nester couple wanting a better quality life

Aging retiree facing early or advanced signs of constant health care needs

Non Resident coming back from outside India or from other state

Short term stay seniors wanting to stay for 3 - 6 months a year

Offers suburban lifestyleCouple would find the concept of campus life appealingValues being part of peer group of like-minded / similar social strataWilling to pay premium for good project design and proper brandSeniors staying alone who like the social campus like environmentAppreciates long term healthcare requirements

6% of seniors in India have some form of dementiaFamily not able to take good care of senior on their limited resourcesBrings relief to second generation from care giving and still allows connect on 24/7 basis.

Values professional care environment which is required at this stageHighly relevant where support system is absent

All points of Type 1 customers are valid for NRIs as wellLarge customer segment in Middle East, North America, Europe and AUS

Focused reach through NRI regional groupsBoth (a) seniors staying abroad wanting to come back as well as (b) children staying abroad; with parents here will fuel demand for projects

Travelling NRIs coming to India on short stays due to weather, visits, functions or religious requirements. Possible to also attract foreigners to come to such projects

Good way of having seniors stay in the resort-like ecosystem if care family is travellingHealth & wellness stay

Rehabilitation & recuperation stay

Figure 9: Types of Senior Living Occupants


Courtesy: Rakindo Senior Living | Coimbatore


Assessing Demand for Senior Housing in IndiaIn terms of market numbers, in an analysis of 135 urban cities / towns in India with a total population of 223 million and total 52 million households, households with seniors represent 12.8 million households (24.6%). Of these 12.8 million senior households, the demand for formal senior living facilities from varying SEC and income typologies will be about 312,000 units. The break up of these 312,000 units per SEC, Income and geography is shown in Figure 10, 11, 12 and 13. Typically the ticket price for high-income senior units would be between INR 50 75 lakhs or above, mid-income will be INR 25 50 Lakhs, low-income between 10 25 Lakhs and BOP below INR 10 lakhs. (INR 1 lakh = INR 100,000)

High Income*

Mid Income

Low Income BOP

SEC A 15,81 16,168 17,838 1,90

SEC B 5,69 10,917 16,9 0,605

SEC C 1,8 6,159 1,09 37,436

SEC D 3,077 5,91 11,50 5,518

SEC E 90 6 ,06 47,372

* High Income (Annual income > INR 15 lakh), Mid Income (INR 7.5 15 lakh annual income), Low Income (INR 3 7.5 lakh annual income) and BOP (Annual income below INR lakhs)Source: Jones Lang LaSalle Education, Healthcare and Senior Living, 2011Source Data: Indicus Analytics

Figure 10: Pan India Senior Living Demand Distribution of Urban Households per SEC and Income Level

Figure 11: Pan India Senior Living Demand Distribution of Urban Households per City Typology

High Income

Mid Income

Low Income BOP

Tier 1 Cities 11,505 1,810 19,171 48,457Tier Cities ,15 6,9 9,9 30,751Tier Towns 10,561 19,570 ,156 105,6

Source: Jones Lang LaSalle Education, Healthcare and Senior Living, 2011Source Data: Indicus Analytics

High Income

Mid Income

Low Income BOP

North 6,5 9,0 1,60 0,9East 3,774 6,687 10,951 ,66

Far East 16 15 773 ,66West 8,8 1,8 18,56 1,18South 6,89 10,407 16,745 60,5

Central 376 571 91 ,89 Source: Jones Lang LaSalle Education, Healthcare and Senior Living, 2011Source Data: Indicus Analytics

Figure 12: Pan India Senior Living Demand Distribution of Urban Households per Regional Geography


Source: Jones Lang LaSalle Education, Healthcare and Senior Living, 2011Source Data: Indicus Analytics

Figure 13: Pan India Demand for Senior Living Housing Units

75066, %

50511, 16% 64307, 1%

608, 1%

58487, 19%

SEC A SEC B SEC C SEC D SEC E

058, 16%

10, 2%

49387, 0%

33479, 6%

1051, 16%

SEC A SEC B SEC C SEC D SEC E

60, 8%

989, 1%

61556, 0%

18850, 59%

High Income Mid Income Lower Mid Income Low Income

85, 1%

5, 18%

47819, 6%

8961, %

High Income Mid Income Lower Mid Income Low Income

86, 5%

198, 16%

63287, 9%

Tier 1 Cities Tier Cities / Towns Tier Towns

9565, %

111, 17%

105, 1%965, 1%

981, 27%

1877, 1%

North East Far East West South Central

By SEC Typology By SEC Typology (removing BOP)

By Product Typology By Product Typology (Only SEC A, B & C)

By Tier of City By Regional Geography


Senior Living Supply in India

Where are projects coming up?There has been a marked increase in the number of senior living projects in the last five years with growing acceptability and demand in the sector. Geographically, senior living projects are coming up in the suburbs of all key metros in the country and in some selected destinations such as Coimbatore, Goa and Dehradun which have traditionally been retirement towns. The annexure of this paper presents a brief of several major projects coming in the country.

Who are the players building such projects?Private entities who have already made a foray into the sector are Ashiana Group of Builders, Paranjape Schemes, Impact Senior Living Estate, Covai Properties, Brindavan Senior Citizen Foundation and Classic Promoters, among others. Their projects are already operational in major metros like NCR-Delhi, Pune, Bangalore, Amritsar, Coimbatore and Chennai. LIC Housing Finance entered the sector with Care Homes at Bangalore as a part of their corporate social responsibility initiatives. Apart from these, there are charitable organizations working in the sector. Some of Indias reputed corporate groups have also started building their business plans to start senior housing projects.

What is the nature of supply?Majority of these developments have 50-100 units in the form of residential complexes, with larger ones having over 400 units. The typology of units varies from 1 BHK-3 BHK units, villas and studio apartments. The typical size of these units range from 500 sq ft to 2,500 sq ft super built-up (saleable) area. These units are offered under various sale models outright sale, upfront deposit and lease. Most of the projects are at the affordable levels with figures less than INR 3,300,000 bearing the fact that the end consumers are senior citizens. However, there has been a recent shift with more mid and high-end projects being launched in the market showing signs of maturity of the sector and growing confidence among the developers to launch niche projects. The charts (Figure 14 and 15) show market segmentation based on pricing, unit sizes and financial model.

Figure 14: Senior Housing Projects in India with Offered Unit Sizes and Pricing

Source: Jones Lang LaSalle Education, Healthcare and Senior Living, 2011

-Low Economy INR 0 - 33 Lakh

-Medium Semi Luxury INR 33 - 66 Lakh

-High Luxury INR 66Lakh - 1 Crore

- 070

0 sq f

t-

700

100

sq ft

-1

000

00 sq

ft

AshianaBhiwadi

Golden Nest Pune

Ashiana Pune

Riverdale Cochin

ClasicChennai

AthashriPune

GodhuliKolkata

CovaiComb

Brindavan Comb

Dignity Chennai

Impact BahriKodaikanal

Amritsar

Size

of U

nit

Price of Unit

Dignity Mum

Size Range Price Range

Retirement Projects


Top 10 Best Practices for success in the Senior Living SectorAs in any service-focused industry, success in senior living will be determined from the strength of soft service related factors rather than hard factors of real estate. While amenities can be created with capital, it is how they are managed and the service delivery arrangements which will determine the quality of the brand. The players in India who are already in the sector have a clear head-start in delivering on the requirements of seniors. In the long run, the differentiator for brands and their premium will be from how the service delivery is executed on ground and not on hard aspects. 10 key best practices which will work for a group interested to enter the senior housing sector or strengthen their presence in the sector are:

Strong professional management team: The management team of the senior living project is the face of the brand - recognized and correlated with by seniors. A good mix of leaders from various professional backgrounds in operations, finance, strategy and experience in hospitality, healthcare or senior living will be required for delivery.Senior living knowledge and operator partner: While senior living concepts from west may not be replicable in India in entirety, there is a wealth of wisdom in the form of processes that exist with international operators of senior housing. It will be a good idea to

1.

2.

tie up with an experienced entity either as a knowledge partner or an operating partner. Healthcare partner: A renowned healthcare partner catering to the healthcare requirements of the seniors preferably with specialization in geriatrics and focus on preventive healthcare will be mandatory. Location of the project: Location remains an important consideration while developing a senior living project. Seniors require safety and a feeling of being well connected to their social circle. Although sites located in the peripheral areas offer peace and serenity, care should be taken that it is equally well connected to social nodes of the city and does not give a sense of being too far from the city. Variety of disposal models and pricing: Some seniors will be rich in liquidity but poor in asset ownership and others will be asset-rich but poor in liquidity. As a result of this variance, good projects will offer multiple models of disposal and financing which offer customers an opportunity to customize his financing model accordingly. Design innovations, unit & project layout: Architectural aspects such as anti-skid flooring, grab bars, lighting systems, and layout of the project are some of the basic features in senior housing projects. However, the subject of design for aging has become quite specialized and innovations in design can be sought from experts.

3.

4.

5.

6.

Figure 15: Senior Housing Projects in India with Offered Typologies, Pricing and Disposal Models

Source: Jones Lang LaSalle Education, Healthcare and Senior Living, 2011. Note: Mum is Mumbai, Comb is Coimbatore and Kol is Kolkata

Low INR 0 - Lakh

Medium INR - 66 Lakh

High 1 INR 66 Lakh - Crore

Sale

Depo

sitLe

ase

AshianaBahriKodaikanal

BahriKodaikanal

Pune

Riverdale Cochin

Dignity Mum

AshianaBhiwadi

AshianaPune

AshianaPune

Golden Nest Pune

AshianaPune

AshianaBhiwadi

AshianaBhiwadi

ClasicChennai

Clasic Chennai

ClasicChennai

AthashriPune

AthashriPuneBrigade

Bglore

GodhuliKol

CovaiComb

CovaiComb

CovaiComb

BrindavanComb

BrindavanComb

Dignity Chennai

Impact Amritsar

Impact Amritsar

Apartment

Cottage

Studio/Rooms

Villa Duplex Villa, Simplex Villa

3 BHK 2 BHK 1 BHK

3 BHK 2 BHK

Rooms 1 Room


Senior living architects and consultants: It is recommended to go for architects with established practice in senior living and particularly those who have worked in the Asian region. A quick check in Association of Architects Department of Aging will provide insights on architects who specialize in this space. Focus groups & market research: It is vital to undertake detailed and comprehensive market research on local trends and perceptions in the senior living space. Senior living needs perceived in Coimbatore has differences from those in Amritsar and a market research process with stress on quantitative surveys backed by qualitative focus group discussions is vital to make the product mix correct. Branding and marketing strategy: Branding will play a vital role in the success of a senior living project. An experienced brand agency with experience in establishing service businesses and experience in real estate will help develop and nurture the senior living brand. The marketing strategy will have to use innovative techniques using social networking channels, word of mouth, NRI marketing channels, and target on very select customer profiles

Services amenities & product mix: A carefully thought out service & product mix, unit sizing, unit pricing, facilities and amenities catering to local tastes while keeping global best practices in mind will help position the project well.

Financial Models and Disposal Mechanisms for Senior Living in IndiaGlobally, there are various variants of how a senior can enter a senior living project such as deposit model (with variants which range from one time complete payment all inclusive to partially inclusive to a-la-carte per pay use models), equity ownership models, lease models etc. In India, the sale model will remain the most popular model in the industry till the time more sophisticated versions start getting accepted in the market. At the INR 10 0 lakh price point levels, it is possible to introduce refundable deposit models which allow for developers to bring in smaller size units to the market. Deposit models typically do not work if the ticket size becomes above INR 0 lakhs. In the case of sale based model, it is possible to get a premium to the ongoing market real estate markets by developing a good lifestyle senior living project following the best practices as mentioned earlier. It is also recommended that a percentage of units are kept on a rental model even if it brings down the overall project returns so as to allow community to build up. In the senior living business, it is possible to get good returns by adopting best practices. However, on the long run, the promoters must also look at optimizing the returns in such a way so as to

7.

8.

9.

10.

allow development of occupancy in the setup. Typically, a 100% sale model promotes speculative buying and it is possible that on commissioning a large percentage of the housing remains vacant. While this is something that is not possible to completely eradicate, a careful phasing plan and a well thought out mix of units between sale and lease will not only ensure financial returns are viable but will make the community come to fruition and increase price points for further phases.


Disposal Model Advantages DisadvantagesComplete Sale Model (Transfer of Title)

Social Acceptance: Since the underlying product is residential real estate, complete sale model is likely to find higher acceptability in the market due to freehold ownership of units by buyers. Quick Financial Start: Complete sale model allows the sale of stock and thus generation of revenues while the construction is still in progress. Further, it allows the developer to match the phasing of construction with sale.Returns: This model helps the developer to offload the residential stock in the market and thus achieve quicker and higher returns. Further, the payback periods are shortest and project returns in a sale model are the highest due to early cash flows.

Mortgage: Since the sale model allows transfer of ownership to end users, the property can be used by them for mortgage and collateral purposes. This enhances the customer preferences. Financing: Since the title is transferred to buyer in a sale model, it is easier for buyers to raise bank loan and other forms of financing.

Title Security: The proposed concept of senior living community is targeted at the senior aged population. Transfer of title offers them the security that the investment will be automatically transferred to their legal heirs after their demise.

Speculative Buyers: The proposed concept is specifically aimed at servicing end users who would actually require staying in a senior living community. It becomes difficult to distinguish between a speculative buyer and a serious buyer in a complete sale model. Introduction of penalties on the other hand for occupancy may prevent sales. Low Occupancy: The proposed concept of senior living community is aimed at encouraging the occupancy of residential stock by end users. The holistic development of community, interaction between the residents, success of facilities offered and optimization of cost grows with the growth in occupancy. Capital Appreciation: Senior living communities is a new concept in Indian markets. The growth in value and capital appreciation of project depends a lot on developers vision, expertise and commitment to deliver in addition to normal real estate growth. Transfer of ownership in a sale model doesnt allow the developer to enjoy a share in capital appreciation. Lack of Control: Transfer of ownership to end user dilutes the control of developer over the project. Such control is quite significant to maintain processes, quality, uniformity and branding in a project.

Lease Deposit Model (A percentage of the capital value is taken upfront and the rest is paid in the form of monthly rentals over the period of stay)

Allows Flexibility in Payments: This model allows the flexibility of payments for entry cost into the project. Customers can enter the project with an upfront fee followed by regular lease rentals. Lowers Price Entry points: End users can enter the project by paying an upfront premium which is generally 60-70 % of the market value of the unit and the rest is paid in the form of rentals over the period of stay in the project. Thus, this model allows lowering the entry cost. Allows developer to benefit from Capital Appreciation: The model allows the developer to retain some percentage of the unit and therefore the appreciation of the unit remains with the developer.

Low Returns: Since complete market value of residential units is not recovered at the time of sale this model offers lower returns in comparison to a sale model. Further the rental payments are spread out over years, which impact the present value of cash flows resulting in lower project returns.

Acceptability to Deposits / Leasing: Customer acceptability to deposits in a real estate investment becomes a concern.Payback: Lower upfront cash flows and spread out payments over the years leads to stretched payback period from a financial feasibility perspective.

Pure Rental Model (No upfront deposit paid while resident period monthly rentals over the period of stay with a nominal security deposit)

Occupancy Assurance: This model ensures that those subscribing for the project are most likely to occupy the units. It allows customers to keep their existing real estate assets, place the same on rent and allow a rental spread to stay in the senior living project.

Control on Project: The complete ownership is retained by the developer in the project; it offers maximum control over the project.

Capital Appreciation Benefit: Complete ownership of residential units allows the developer to enjoy complete benefits of capital appreciation in the value of units.

Lowest Return: This model offers the lowest level of returns in the project since there is no upfront payment and lease rental yields are around 3 4% in India which cannot make a project viable in India.

Higher Switching Behavior: Since residents have least stakes attached in the project, it allows them to easily switch over to other projects and locations.

High Financial Exposure: The entire risk of capital investment in the project is borne by the developer. Further, there are no revenues in the form of bookings or construction linked absorption plans until the project is complete and delivered.

Figure 16: Financial Models and Disposal Mechanisms for Senior Living


Industry Trends

Increased sophistication and product improvement by existing senior living players: Developers such as Ashiana and Athashree have extremely good working experience with seniors in India. This learning curve, built over a period of time, allows them to be perfectly poised to bring out product innovations over their already established brand presence. New market entrants: The market will witness regional real estate developers and a few corporate pan India real estate developer brands experimenting with a senior living solution as part of a mixed-use residential project to explore the market potential before launching full-scale retirement projects. There is a period of wait and watch others expected for another 2 3 years.

Entry of corporate firms: The sector is expected to attract participation from corporate firms, which are currently active in healthcare, hospitality, insurance, and other service related sectors. The current market has predominantly participation from firms having a background in real estate development.Partnerships between international and Indian senior living players: While select Indian players have already partnered with international groups, the industry is likely to see a rise in the number and nature of partnerships between operators and owners. It is likely that international operators will be involved more in future as knowledge and process design partners rather than for capital infusion. Public curiosity and media support: It is likely that the first few projects launched by top corporate firms will generate large media and customer curiosity in the sector. Such projects, if clubbed with innovative financial retirement solutions (Eg. health insurance for aged) and designed with best practices in services delivery, can be a game-changer towards creating demand volumes in the industry. Customers will appreciate such solutions only after they have an opportunity to experience the utility and comfort of the state-of-the-art senior living projects.

Industry Recommendations

Senior living industry body: The setting up of a senior housing developers forum under the aegis of a premier national level industry or trade configuration is recommended. This industry body should undertake industry events and trade related activities to support the growth of the industry along with disseminating relevant and correct information regarding the perception of the senior housing market in India.Development controls: There is a need to set up a working committee which would draft a set of development controls relevant to senior living projects. Senior living projects, by virtue of their unique characteristics, should not be given the same FSI or development controls (Eg. density norms) as given in residential projects. Further, the possibility to grant additional FSI to senior living projects needs to be explored, owing to the fact that they have lesser housing density (which imply lesser pressure on urban infrastructure) and are relevant in the social structure. Accreditation: Although not an immediate need, the industry has a unique opportunity to promote high quality senior living projects as more new entrants enter this space. For new projects, it is important to put together standards and norms that would enable a project to get classified as a high quality senior living project.

Training: No senior living project can provide a holistic care without the support of trained care workers and medical staffs having experience in working with aged patients. While the latter is still manageable with current healthcare training facilities, the industry needs professionally recognized institutes which can train human resources willing to undertake senior-care as a career.

The Road Ahead The senior living industry in India is poised for significant growth in the coming years. As with any new industry, the senior living industry is expected to see the entry of players from various backgrounds, predominantly from the real estate sector. Jones Lang LaSalle views the following key trends to emerge in the coming 6 months in the senior living industry and presents its recommendations to enable the industry achieve higher quality and satisfaction from its clients.


The two most dominant trends in seniors housing are affordability and non-institutional models. The expectations of the current and coming residents (and their families) will no longer settle for facilities that resemble prisons and/or are outrageously priced.

The non-institutional facility will combine the best of architecture, technology and medicine to deliver a warm, home like experience that fosters communication with family, health care professionals, and the community. This facility will deliver this environment and services at a cost that most people can afford. Once these dominant trends are understood, it then becomes imperative to adapt them to the particular society and culture that is being solicited. Location, size (of facility and units), amenities, staffing become critical elements in the non-

institutional, affordable model. Potential residents are not coming to die, rather they are coming to live an enjoyable and meaningful lifestyle. The facility is not an institution--it is a home.

Michael Berne Managing Director Senior Living Practice Jones Lang LaSalle Americas (New York)

Retirement villages are an established industry in Australia and is a well-accepted mode of living for retirees and the aged. However, with the coming of age of the baby boomers, seniors living community developers are now changing their products to incorporate elements of what the

modern seniors require.

Transitioning to seniors housing no longer means settling for a sedentary lifestyle or a two-stage move from their own homes into an independent living retirement village and when their health fails, move into their next and final stage into a

residential aged care facility.

Todays retirees are looking for a smooth transition from their family homes into a lifestyle community which will enable them to live a healthy and active lifestyle and when required, be provided with the necessary nursing care. The current trends in seniors housing products include- larger living space of 3 bedrooms with a double garage, co-location of independent living units and aged care, supported living / continuing care communities whereby nursing care and supported services are available on demand, vertical living in urban locations, increase technological elements in the products for the new tech-savvy generation such as wireless Internet access.

The seniors living product must enable the new and more affluent seniors to take advantage of the good lifestyle with

the peace of mind of knowing that their future is secure.

Brendan Wenke Director, Health and Aged Care Practice Australia Jones Lang LaSalle Australia


Senior living in India is about to enter a period of trial and error, but I am certain that we will soon see a thriving market for both senior friendly communities and specialized senior living and care facilities including continuing care retirement communities, assisted living, and skilled nursing health centers. The same demographic changes that have made senior living a popular option in other

rapidly developing countries are now underway in India: a sharp increase in the number of seniors, steady increases in life expectancy and with it the greater impacts of biological aging, the geographic dispersal of the traditional multigenerational family, and the growing recognition that well planned and managed senior living offers a safer and better life style for many older Indians. The first senior living communities are open and many

more are planned. Some developers think that a few senior-oriented details, amenities or services are enough to attract a segment of this market. Over time these timid entries into senior living will have to adapt to avoid failure. Successful senior living depends on well planned and managed facilities and services, a size that matches the market, an attractive and appropriate location, and an understanding of aging and senior needs. Many operators will want to limit themselves to independent living for wealthy seniors. They need to remember the healthy 70 year old moving in will be 80 ten years later and will probably need and demand a different living and care environment. A growing number of companies are developing senior living in India. Some are thoughtful and will be successful. Their success will stimulate many others to respond to the need. Over the next 10 years, I predict that India will develop a wide range of successful senior friendly communities as well as many specialized senior living and care facilities.

Bradford Perkins FAIA MRAIC AICPChairman, Perkins Eastman, New York and Mumbai

Newbridge on the Charles An Award Winning International

Senior Living Project

Site Area: 16 Acres

Total Built up area: 1,011,572 sqft

18 Apartments, villa units

50 independent living cottages

51 assisted living units

40 special care / dementia units

68 skilled nursing beds


map

JAMMU AND KASHMIR

HIMACHALPRADESH

Impact

Impact

Ashiana I AVI

Ansal API

Aakriti

Rachana

Covai I Saket

Covai I Classic I Dignity VillageCovai

Ponni Delta

Infra Housing I Riverdale

Covai I Brindavan I Rakindo

Athashree I Vakil I Covai I AVI I Concorde I VLN I Sriram

Utopia | Palacio

Ashiana I Athashree I Golden Nest

Dignity

Rosedale I AVI I Godhuli

AVI I Covai

BahriCovai

Ashiana I AVI

PUNJABUTTRAKHAND

Kochi

Coimbatore

Jaipur

Bhopal

Nagpur

HARYANA

RAJASTHAN

UTTAR PRADESH

BIHAR

JHARKHAND

SIKKIM

WEST BENGAL

ORISSACHHATTISGARH

MAHARASHTRA

MADHYA PRADESHGUJARAT

ANDHRA PRADESHGOA

KARNATAKA

TAMIL NADU

KERALA

MEGHALAYA

ASSAM

ARUNACHAL PRADESH

NAGALAND

MANIPUR

MIZORAMTRIPURA

Mumbai

Bangalore

Hyderabad

Chennai

Pune

Delhi

Kolkata

EXISTING

PROPOSED

Senior Living Projects in India

Source: Jones Lang LaSalle Education, Healthcare and Senior Living, 2011


Ashiana Utsav Retirement ResortBhiwadi Jaipur Lavasa

Project Size 15 Acres (Bhiwadi) 31 Acres (Lavasa) and 7.5 Acres (Jaipur)

Number of Units 640 (Bhiwadi) 474 (Lavasa) 310 (Jaipur)

Unit Typology1,2,3 BHK Apts (Bhiwadi and Jaipur) , 1,2 BHK Apartments & 2 and 3 BHK Villa (Lavasa)

Ownership Model Sale Model

Developer / Owner Ashiana Housing Ltd

Maintained by / Operated by VML (A subsidiary of Ashiana)Utsav active senior living, one of the earliest to enter the age restricted senior living market in India. Reasonably priced project on sale model. Entry restricted to person over age 55 years, however a person below 55 years can buy the property.Both large size projects with adequate green spaces, circulation areas and activity areas.MOU with Private Banks : HDFC, ICICI Nationalized Banks : SBI, LIC Home Finance, AGIF and AFGIS

Food services- Dining hall24X7 SecurityHealth club, sports facilitiesLibraryConvenience storeActivity hall

Computer centreTransportation facilityMedical assistance centreMeditation and prayer hallTemple, meditation hallMove in assistance services

Developer Remarks At UTSAV, you can live with total freedom in a secure

environment that takes care of all your needs. The Campuses and the homes are all designed to make your life more

comfortable with special care for needs which come with advancing age.

Project URL: Bhiwadi : http://www.ashianautsav.com/specificLocation.php?id=1&livserv_cs_id=9917173Lavasa http://www.ashianautsav.com/specificLocation.php?id=3&livserv_cs_id=9917173Jaipur http://www.ashianautsav.com/specificLocation.php?id=2&livserv_cs_id=9917173

AthashriPune

Project Size 3-5 Acres (4 projects in Pune)

Number of Units Total around 800 units

Unit Typology 1, 2, 3 BHK (offers a choice of fully furnished apartments)

Ownership Model Sale and Lease Model

Developer / Owner Paranjape Schemes Construction Ltd

Maintained by / Operated by Athashri Foundation

Member / Accreditation International Longevity CentreAll projects on sale model with reviewable Maintenance DepositCompact apartments designed with minimum maintenanceThe project not only has an age friendly built environment but also designed to be eco-friendly.Athashri Assisted Living - ASTHA are single room units that are an innovation in geriatric care,Athashri Baner, Pune and Athashri Whitefield, Bangalore launched by the group.

24X7 Security Medical aid on callClub houseOpen air auditoriumYoga-cum-meditation roomShuttle bus service

Geriatric gymnasiumLibraryTie up with hospital in the vicinityCommunity hallsDining room Entertainment lounge

Developer Remarks Athashri is not just another residential project but a stress-free world dedicated to meeting the needs and aspirations of senior citizens. Designed with meticulous detail to provide continuous

care, attention and a host of special services.

Project URL: http://pscl.in/real_estate/Project/Pune/Athashri%20Baner/overview


Brindavan Hill ViewCoimbatore

Project Size .5 acres

Number of Units 74

Unit Typology 1 BR, 1 BR Cottage, BR Cottage, BR Cottage

Ownership Model Refundable deposit fee model

Developer / Owner Brindavan Senior Citizen Foundation (BSCF)

Maintained by / Operated by Brindavan Senior Citizen Foundation (BSCF)Refundable deposit fee model. No sale of units.The accommodation provided is on lease for 0 years, with possibility if further extension Brindavan Senior Citizen Foundation is a not for profit, faith based community that fosters integrity and growth3 existing and one planned project in Coimbatore

Food services24X7 SecurityGym recreation facilityLibraryEngagement activitiesTransport and car parking facility at reasonable cost

LaundryTie-up with nearby hospital

Meditation and prayer hallPower backupBanking services

Developer Remarks Brindavan Senior Citizen Foundation addresses the most

urgent needs of our elders, especially food, health and recreation. The project provides the best of both what nature

and modern life can offer a combination of city home and farmhouse on reasonable terms.

Project URL: http://seniorhomebrindavan.com/index.html

Serene Covai PropertiesCoimbatore, Pondicherry, Chennai, Mysore & Hyderabad

Project Size20 Acres (5 Projects in Coimbatore), 18 Acres project in Pondicherry, 2 Acres in Chennai, 17 Acres in Mysore and 34 Acres in Hyderabad.

Number of Units306 villas (Coimbatore), 423 (Pondicherry), 220 flats (Chennai), 170 Villas (Mysore) and 324 villas (Hyderabad).

Unit Typology Studio, 2 BHK, 3BHK Apartment, Villas

Ownership Model Sale Model only

Developer / Owner Covai Property Centre (India) Pvt. Ltd

Maintained by / Operated by Serene Senior Care Private Limited

Member / Accreditation CREDAI, IGBC,CIIPerson over age 50 years are allowed to own and stay in the property.Provide same standard of care in different cities through well thought out Standard Operating Procedures and a Manual on Quality Care. Cater to the three stages of life of senior citizens namely, Independent Living Stage, Assisted Care Stage & Continuous Care StageAwarded the Most Eco Friendly Gated Community by the RAAC for the year 2008.Future projects planned in Bangalore, Vizag, and Baroda

24X7 Security access controlMedical centre and servicesAssisted care centre plannedClub house, Activity CentreOpen air theatreEngagement activities

Geriatric gymnasiumLibrary& Business centreHousekeeping catering servicesConvenience storeTravel tour & recreation servicesBanking and related services

Developer Remarks Our Comfort and Retirement Homes are like resorts, meant

to provide care and are not old age homes. The facilities of our senior homes help senior citizens to live their life with respect &

dignity as well as freedom and independence.

Project URL: http://www.covaiprop.com/senior_care.html


Dignity LifestyleMumbai

Project Size 5 acres

Number of Units 500 is the plan. Phase I has 62 cottages/rooms

Unit Typology Single/Double room cottages

Ownership Model Refundable +nonrefundable deposit fee model

Developer / Owner Dignity Lifestyle Trust

Maintained by / Operated by Dignity Lifestyle Trust

Member / Accreditation AARP Global NetworkAssociate Member of AARP Global NetworkOne time Refundable and non refundable deposit with monthly charges Medical Services Has in-house physician plus visiting specialists from Neral and Mumbai. Trained in-house psychologist and Social Worker are present in campusDedicated guest houses being constructed

Medical: Nightingale Scheme for the Chronically Ill, OPD, HydrotherapySecurityHouse keepingEngagement activitiesClub house

Yoga gym hydrotherapyFood festivalsTwo lectures per weekIndoor games facilitySatsangs/ Bhajans

Developer Remarks Dignity Foundation offers senior citizens opportunities to lead

an active life, both mentally and physically. It provides social support to facilitate people over 5o to lead productive lives. It runs active programmes that motivate and inspire senior

citizens, and help them achieve fulfillment in life

Project URL: http://www.dignitylifestyle.org/

Golden NestPune


Number of Units 51 (IL Units 51)

Unit Typology Studio, 1 BHK


Developer / Owner Vascon Engineers and Manisha Constructions

Maintained by / Operated by Golden Nest Marigold TrustPunes very first commune designed for senior citizensGolden Nest has an arrangement with Ruby Hall clinic wherein the residents in an emergency have special statusSpecial elderly friendly architectural features bathroom, shower seats and sliding doors for bathrooms Golden Nest is maintained by the Golden Nest Marigold Trust, a Trust which has on board trustees nominated by Housing Development Finance Corporation Ltd., Golden Nest Developers, and Nominated residents of Golden Nest

hour securityConcierge servicesMedical room doctor on callPhysiotherapy roomCanteen and central kitchenHousekeeping

Guest accommodationAssisted livingMultipurpose hall: Games, Meditation, TheatreLibrary and computer roomJogging/ Walking track

Developer Remarks Golden Nest is a place after your own heart. A place to belong. One that offers physical, mental and spiritual well being. Full of vibrant life, an epitome of care and gracious

living. A place you can look forward to come home to, in every sense of the word.

Project URL: http://www.oasisseniorcommune.com/www.goldennestindia.com/home.asp.htm


Impact Senior LivingAmritsar


Number of Units 53 (IL Units - 48; NS Units - 5)

Unit Typology Studio, 1 BR, 2/3 BR Penthouse

Ownership Model Sale / Refundable deposit fee model

Developer / Owner Impact Senior Living Estates Pvt Ltd (ISLE)

Maintained by / Operated by Impact Senior Living Estates Pvt Ltd (ISLE)Dual Model: Sale / Refundable lease deposit fee model.Tie-up with Fortis to provide Healthcare services.Religare to provide pathology support and full range of financial advisory services Future Projects planned to come up in Raigarh, NCR and Chandigarh.

Healthcare servicesHousekeeping servicesFood and beverageTransportLaundry

Communication to next of kinPhysical wellness Security systems24x7 Power backup

Developer Remarks Impact Senior Living Estates community is being designed to provide a first class quality of life that incorporates the needs of seniors in relation to the current challenges being faced by

this very important group, in our society.

Project URL: http://www.isleind.com/index.htm

New Upcoming Projects

RakIndo Senior LivingCoimbatore

Project Size 10 Acres

Number of Units 50 units (varied product mix)

Unit Typology 1BHK, 2 BHK, 3BHK

Ownership Model Pure lease, deposit fee model and sale model

Developer / Owner Rakindo Developers Pvt. Ltd

Maintained by / Operated by Under PlanningPilot project with promoters personal healthcare background, and excellent past project delivery records.The project will be cobranded with industry tie-up and partnerships.Project is located within a larger integrated city infrastructure with array of services associated within a larger ecosystemCater to the three stages of life of senior citizens namely, Independent Living Stage, Assisted Care Stage & Continuous Care StageThe project will be intergenerational with opportunities for seniors to get engaged within the larger development prospects and therefore address both engagement as well as employment opportunitiesProject expected to be launched by June 2012

Medical centre and services24X7 Security access controlAssisted care centre plannedClub house, Activity CentreHealth & Fitness CenterEngagement activities

Geriatric gymnasiumLibrary& Business centreHousekeeping catering servicesConvenience storeMeditation Center & TempleBanking and related services

Developer Remarks A golf centric integrated township, set to be built on an

850 acre property thats host to hill ranges, an 18 hole championship golf course, world villas and unparalleled luxury

amenities swamped by an abundance of nature

Project URL: http://www.rakindo.com/projects_overview.aspx


AVI Vintage HomesBangalore, Gurgaon, Kolkata, Visakhapatnam & Jaipur

Project Size Various

Number of Units Various

Unit Typology Various


Developer / Owner Various

Maintained by / Operated by Age Ventures India (AVI)

Member / Accreditation Help Age India & MHA, UKProjects by leading real estate developers operated and maintained by Age Ventures IndiaAVI is a private not-for-profit trustHelpAge India, AVIs knowledge partners are leaders in the field of elderly acre and support in IndiaMHA is UKs leading care home specialistsAs operators AVI provide for routine medical checkups and full care services for conditions like dementia and Alzheimer in their projects Tie-ups and association with institutes of learning to provide intellectual continuity to the residents

24X7 Security Emergency alarm systemsMedical CareDining facilitiesPhysiotherapy cum fitness centreNursing care giving facility

Pharmacy arrangementHousekeeping and maintenance servicesYoga meditation rooms

Indoor outdoor games

Operator Remarks Come home to fresh new world

Project URL: http://www.ageventuresindia.org/?page_id=223

Anandam, Bahri Beautiful CountryKodaikanal

Project Size 270 acres township (Bahri township)

Number of Units 198 Villas (Independent and Assisted Living)

Unit Typology 1, , Bedroom Villa options

Ownership Model Sale Model only

Developer / Owner Bahri Estates Pvt Ltd

Maintained by / Operated by Aamoksh One Eighty Hospitality Pvt LtdPart of larger 270 acres integrated township Bahri Beautiful CountryProject to managed by Aamoksh One Eight, one of the leading international retirement brandVilla plot area between 232 Sq yards to 777 sq yards. Price ranging from INR 2,700,000 to INR 7,200,000Bahri AVN Arogya Ayurvedic Hospital part of the project along with a proposed allopathic medical centre

24X7 Security Emergency call buttonsClub House, Health ClubDining area/ Restaurant, barLibrary, AmphitheatreActivity rooms

Salon and SpaMedical facilitiesIndoor outdoor sportsSwimming pool, GolfAyurvedic HospitalConcierge services

Developer Remarks Anandam offers a five-star experience where you can create

your own lifestyle just the way YOU want it

Project URL: http://anandam.co/index.html


Project Group Location Number of Units Website

Aarogya Kudumbam

Saradhambal Educational and Charitable Trust

Coimbatore NA http://www.aarogyakudumbam.org/Default.aspx

Active Senior Lifestyle Township CHD

Karnal, Mathura, Bhiwadi, Rishikesh Proposed

http://www.chddevelopers.com/residential-senior-activelifestyle-living.asp

Athashree (White field) Pranjapee Bangalore

Under Construction http://www.pscl.in/

Athiti Rachna Construction Nagpur Proposedhttp://www.rachanaconstructions.com/atithi-nagpurproject.html

Avanti Legacy Gritz Horizon Gori & Associates Bangalore NA http://www.gritzhorizons.com/html/senior.html

Avanti Vista Gritz Horizon Gori & Associates Bangalore NA http://www.gritzhorizons.com/html/senior.html

Blue Ridge Pranjapee Pune Proposed http://www.blueridge.in/residentials.htmBougainvilla-hermitage Home and Estates Goa 60 http://www.bougainvilla-hermitage.com/Introduction.html

Concorde Mist Valley Concorde Group Bangalore

00 (Proposed) http://www.concordegroup.in

Dignity Village RDF, NSA Chennai NA http://dignityvillage.nsaindia.in/partners.phpEvergreen Villas Kingford Properties Mysore Proposed NAGodhuli Godhuli Kolkata 18 http://www.godhuli.in/index.phpGolden Retreat Palacio Goa http://www.palacio.in/goldenoverview.aspxKudumbum Clasic Chennai 98 http://www.kudumbam.com/Logix Blossom Greens Kalra Realtor Noida NA http://www.logixblossomgreensnoida.in/

Melur Meadow Melur Meadow Lifestyle Coimbatore 0 http://www.melurmeadows.com

Ponni Delta Natesan Housing Trichy 50 http://www.ponnidelta.com/Prabuddhalaya VLN Bangalore NA NARiverdale NA Cochin 50 http://www.riverdaleresorts.com/Rosedale Garden Sarachi housing Kolkata NA http://www.rosedalenri.com/senior_citizen.htmShriram Senior Living Sriram Bangalore 196 http://www.shriramproperties.com

Saket Pranam Saket Hyderabad 100 http://www.saketgroup.com/html/pranaam-the-projectSrimathi Sundaravalli NA Chennai 9 http://www.ssmhome.in/

Supertech Upcountry Supertech Greater Noida Proposed http://www.supertechlimited.com/

The Nest Aakriti Group Bhopal Proposed http://www.aakritithenest.comUtopia Goa Proposed ProposedVakil Housing/ Panchvati Vakil Bangalore 10 http://www.panchavati.co.in

Verandah Gardens Infra Housing Pvt Ltd Cochin 1 http://www.infrahousing.com/

Other Major Senior Living Projects Across India

Source: Internet Research

8 On Point Senior Living Sector in India AuthorsSaumyajit RoyAssociate Director & Head of Social Infrastructure Practice - Strategic [email protected]+91 97 1106 1506

Saumyajit Roy started the social infrastructure practice within Jones Lang LaSalle in 2009, and focuses on providing business expansion solutions to clients in the senior housing, healthcare and education sectors. The team has been involved in market research and business plan development for major upcoming senior living projects floated by premier developers/ corporate groups in India.

Saumyajit has over 10 years experience in the development planning sphere with a focus on adopting best practices in technology, processes and data analytical tools towards urban development and management. He holds a Bachelors degree in Urban Planning from the School of Planning and Architecture in 2000 and an MBA in finance and marketing from the Indian School of Business, Hyderabad.

Rita MishraAssistant Manager, Social Infrastructure Practice - Strategic [email protected]+91 95 9514 7471

Based out of Mumbai, Rita Mishra looks after Social Infrastructure Practice in the western region in India. She is responsible for advisory, transactions and capital markets in education, healthcare and senior living sectors. Her role spans over business development, client management and project delivery in these sectors. She came on board the social infrastructure practice team in August 2011 with a 3 year consulting background within JLL.

Ritas educational background lies in mathematics and software engineering during her graduation. She completed her Masters in Business Administration in International Business & Marketing from the Indian Center for International Business, Pune.

Harshit MagonSenior Executive, Social Infrastructure Practice - Strategic [email protected]+91 97 1137 6363

Harshit Magon joined Jones Lang LaSalles social infrastructure practice in October 2010 and has since then worked on projects across senior living, healthcare and education sectors. Based out of Gurgaon, his role with in the team involves consulting and research work on multitude of projects combining expertise in research, planning and urban design.

Harshit hold an undergraduate degree in Geography from Delhi University and a Masters degree accredited by Royal Institute of Chartered Surveyor (RICS, UK) in Urban and Regional Planning from the London School of Economics, London.

Himadri Mayank Assistant Vice President, Research & [email protected]+91 22 3307 1500 Himadri Mayank manages the operations of Jones Lang LaSalles research offering Real Estate Intelligence Service (REIS), and is responsible for the teams outputs, including research reports such as topical whitepapers. Since joining the firm in 2008, he has delivered several bespoke research projects in the office, retail and residential sectors based on specific client requirements.Himadri holds a bachelors degree from Indian Institute of Technology (IIT), Kharagpur and has over four years of experience in the field of real estate. He is pursuing the Chartered Financial Analyst (CFA) program offered by CFA Institute, Charlottesville and has passed the 2011 Level III CFA exam. He is the life member of Association for Promotion of Creative Learning, a not-for-profit organisation which aims to promote education for underprivileged through creativity and creative learning in society.

Ashutosh Limaye Head Research and [email protected]+91 22 3307 1500 Ashutosh Limaye is responsible for overseeing research and REIS business of JLL. He is also responsible for effective business development, selection, grooming and growth of professionals in the research division.He has 14 years of experience, including one and half years of post graduation in planning with specialization in Urban Planning. His contributions include real estate market intelligence and forecasting, formulations of economic and physical plans, assessments of policies, legislations and regulatory mechanisms for delivery of infrastructure services, study of urban governance initiatives for urban management programmes, identification of appropriate modes of private sector participation in infrastructure delivery for large-scale infrastructure and township projects in the urban context, financial cost-benefit analyses, project formulation and appraisals, and urban land management.

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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 010 global revenue of more than USD .9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately1.8 billion square feet worldwide. LaSalle Investment Management, the companys investment management business, is one of the worlds largest and most diverse in real estate with USD 47.9 billion of assets under management.Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 20,800 employees operating in 77 offices in 13 countries across the region. The firm was named the Best Property Consultancy in Asia Pacific at The Asia Pacific Property Awards 2011 in association with Bloomberg Television. For further information, please visit our website, www.ap.joneslanglasalle.com

About Jones Lang LaSalle IndiaJones Lang LaSalle is Indias premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across eleven cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 4400, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, warehousing and logistics, capital markets, residential, hotels, health care, senior living, education and retail advisory.For further information, please visit www.joneslanglasalle.co.in

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