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NRIs Fuel Chennai's Booming Senior Living Market
28 Nov
Summary
- New senior living projects are launching in Chennai's outskirts.
- NRI demand is a key driver for this burgeoning real estate sector.
- Chennai offers affordable property and healthcare for seniors.
The outskirts of Chennai are rapidly becoming a prime location for senior living developments, with several real estate companies initiating new projects. This growth is significantly fueled by Non-Resident Indians (NRIs) who prefer dedicated senior living homes for their parents over independent living in regular housing societies. Three new projects, totaling over 1,500 residences, have been announced recently to meet this escalating demand.
Factors contributing to Chennai's appeal include relatively affordable property rates compared to other major Indian cities and access to world-class healthcare facilities, making it convenient for retired individuals. Furthermore, the city's stable and pleasant climate is a significant draw, especially when contrasted with colder regions where seniors might struggle to adapt.
Industry experts predict a substantial annual growth of nearly 30% for senior living communities over the next five years. South India, in particular, accounts for over 60% of the national total for such projects, with Chennai holding a considerable share. This trend highlights a shift in housing preferences, with dedicated senior communities becoming a preferred choice for many.
