Senior Living Sector in India

An idea whose time has arrived!

2 On Point Senior Living Sector in India

On Point Senior Living Sector in India 3

98
million

3.8%
per annum

Elderly people in India today

Total population of UK & Canada put together

Growth rate (compared to 1.8% overall)

240 million
by 2050

12.6
Old Age Dependency Ratio up from 10.6 in 1991 (6075% are dependent)

Estimated that the population above 60 years (60+) of age in India will touch 240 million by 2050

60+
Fastest growing demographic segment in the world

27
million

Estimated seniors need specialized medical care

CHALLENGE OR OPPORTUNITY?

4 On Point Senior Living Sector in India

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 specic 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 rst 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 specic 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 2008 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 rst 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 1.3 billion worldwide seniors by 2040. 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 25 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 specic 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
1

amongst urban households, who in the last 20 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.

As per the ndings by National Family Health Survey in 2005-06 (NFHS-3), every three out of ve 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 Curve
Although 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 gure will grow to 173 million by 2025, further increasing to about 240 million by 2050. This marked increase in elderly population would involve a change in an important sociological aspect, the old age dependency ratio. Interestingly, by 2050, 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 3). 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 signicant section of seniors today are independent, nancially 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 2). Figure 3: Population Pyramid - Elders Increasing with Time
80+ 70-74 60-64 50-54 40-44 30-34 20-24 10-14 0-4

Figure 1: Projected Growth in Number of Seniors in India

1600 1400 1200 Million 1000 800 600 400 200 0 2001 2006 2011 2016 2021 2026 76m 7.4% 83m 7.5% 98m 8.2% 118m 9.3% 143m 10.7% 173m 12.4%

Rest of Population

Population 60+

Source: Census of India, NSSO Projections, JLL analysis

Figure 2: Increase in Literacy Amongst Seniors in India

100 80 60 40 21 20 0 49 42 31 29 28 75 66 58 61 44 77

1991 Rural Urban

2001 Female Urban

2008 Male Urban

Source: Census of India, NSSO Projections, JLL analysis

2001

2006

2011

2021

Source: Census of India, NSSO Projections, JLL analysis

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.

6 On Point Senior Living Sector in India

Addressing Needs of the Senior Population

Besides 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 nancial, 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

SPIRITUAL

EMOTIONAL

FINANCIAL

Holistic Living

INTELLECTUAL

ENVIRONMENTAL SOCIAL

PHYSICAL

Source: Jones Lang LaSalle Education, Healthcare and Senior Living

physical disability, difculty 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.

Figure 5: Needs of the Senior Population

Financial
Reduced source of income

Legal
Government tax machinery Property maintenance

Practical
Crimes against seniors Day to day bill payments Day to day shopping Unsafe travel

Emotional
Increase in loneliness Loss of sense of security Lack of companionship Children staying abroad

Healthcare
Dementia Geriatric problems

Source: Jones Lang LaSalle Education, Healthcare and Senior Living

On Point Senior Living Sector in India 7

Key Challenges in the Senior Living Sector in India

Social Stigma
The 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.

other nancial 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 Facilities

As 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 t 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.

Affordability
Despite demand, senior living in India is far from a ourishing reality owing to issues of affordability. Divided between diminishing nances 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 25,000 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).

Independent Living
The 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 ooring are anti-skid. Socialization plays an important role in uplifting the atmosphere of the IL and improving the health stature of the residents.

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.

Assisted Living
Assisted 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 ofce 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.

Legal Framework
Though 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, nancial products, legal support etc. There is a need to bring in innovations in provisions related to reverse mortgage and

Skilled Nursing Care

Skilled 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

8 On Point Senior Living Sector in India

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

Top 6 Age Related Changes

Hearing impairment Failing vision Osteoporosis & Arthritis Diabetes & Hypertension Cardiac disorders Dementia in various forms

care and residents benet 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.

Figure 6: Levels of Care in Senior Housing Facilities

50-70 years
Active Adult, able to take care of self and no serious healthcare ailments. Independent Living 1 3 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 Tourism Maintenance, Housekeeping, Security, Travel needs, Social needs taken care of Meant 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 needs Home like atmosphere, smaller unit sizes 1 2 bed room with larger toilet and a pantry Comfortable support system with stress on social aspects

Above 70 years
Need continuous medical attention and care in a homely environment Skilled or Nursing Care Equipped to address 24 hour medical concerns Near Medical environment for maintaining elders needing continuous care Lesser unit sizes meant for high degree of care Interiors are friendly and unlike typical hospital space yet equipped like a nursing facility Ideal for short stay post operation or injury also

Above 50 years
Enter in an independent villa or apartment and move to assisted and nursing as you age Continuing Care Community Age in Place concept Designed to address changing needs with growing age related requirements Removes need to move when you grow older Takes care of short stay nursing needs A campus like environment with lot of social life, activities and complete freedom from day to day stress of making food, maintenance, travel etc.

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

On Point Senior Living Sector in India 9

Formats of Senior Housing Facilities

Senior 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

Peri-Urban Formats

Sub-Urban 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 oor-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.

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 oor-wise or spread out or a mix of both.
Source: Jones Lang LaSalle Education, Healthcare and Senior Living

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 sufcient in all aspects amenities and healthcare within the campus; and do not require the residents to travel out of the campus often.

10 On Point Senior Living Sector in India

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. 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 20 30 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 trafc 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 Value

Education Ecosystem

Employment Destination

Expected growth in Presence of well maintained public parks, terms of civic amenities and infrastructure in a roads, water bodies, particular corridor. Senior visual image of built form, residents will want to control of density, general benet from locating in cleanliness etc found growth corridors and within locations in each take advantage of capital corridor. appreciation.
Source: Jones Lang LaSalle Education, Healthcare and Senior Living

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.

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 difculties from an occupancy perspective.

On Point Senior Living Sector in India 11

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: Figure 9: Types of Senior Living Occupants

TYPE 1
Aspirational well-heeled empty nester couple wanting a better quality life Offers suburban lifestyle

TYPE 2
Aging retiree facing early or advanced signs of constant health care needs

TYPE 3
Non Resident coming back from outside India or from other state All points of Type 1 customers are valid for NRIs as well Large customer segment in Middle East, North America, Europe and AUS Focused reach through NRI regional groups Both (a) seniors staying abroad wanting to come back as well as (b) children staying abroad; with parents here will fuel demand for projects

TYPE 4
Short term stay seniors wanting to stay for 3 - 6 months a year 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 travelling Health & wellness stay Rehabilitation & recuperation stay

6% of seniors in India have some form of dementia Couple would nd the concept of campus life appealing Family not able to take good care of senior on their limited Values being part of peer resources group of like-minded / similar social strata Willing to pay premium for good project design and proper brand Seniors staying alone who like the social campus like environment Appreciates long term healthcare requirements Brings relief to second generation from care giving and still allows connect on 24/7 basis. Values professional care environment which is required at this stage Highly relevant where support system is absent

Source: Jones Lang LaSalle Education, Healthcare and Senior Living

Courtesy: Rakindo Senior Living | Coimbatore

12 On Point Senior Living Sector in India

Assessing Demand for Senior Housing in India

In 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) Figure 10: Pan India Senior Living Demand Distribution of Urban Households per SEC and Income Level High Income* SEC A SEC B SEC C SEC D SEC E 15,381 5,629 1,843 3,077 290 Mid Income 16,168 10,917 6,159 5,941 643 Low Income 17,838 16,933 13,049 11,530 2,206 BOP 14,920 30,605 37,436 54,518 47,372 North East Far East West South Central Figure 12: Pan India Senior Living Demand Distribution of Urban Households per Regional Geography High Income 6,544 3,774 216 8,482 6,829 376 Mid Income 9,402 6,687 415 12,348 10,407 571 Low Income 13,620 10,951 773 18,536 16,745 931 BOP 40,934 34,636 2,636 41,218 60,533 4,892

* 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 3 lakhs) Source: Jones Lang LaSalle Education, Healthcare and Senior Living, 2011 Source Data: Indicus Analytics

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

Figure 11: Pan India Senior Living Demand Distribution of Urban Households per City Typology High Income Tier 1 Cities Tier 2 Cities Tier 3 Towns 11,505 4,154 10,561 Mid Income 13,810 6,449 19,570 Low Income 19,171 9,229 33,156 BOP 48,457 30,751 105,643

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

On Point Senior Living Sector in India 13

Figure 13: Pan India Demand for Senior Living Housing Units
By SEC Typology By SEC Typology (removing BOP)

3140, 2% 50511, 16% 64307, 21% 20548, 16% 49387, 40%

75066, 23% 64084, 21%

21051, 16%

58487, 19%

33479, 26%

SEC A

SEC B

SEC C

SEC D

SEC E

SEC A

SEC B

SEC C

SEC D

SEC E

By Product Typology

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

26220, 8% 39829, 13%

22853, 12%

82961, 44% 184850, 59% 61556, 20%

33245, 18%

47819, 26%

High Income

Mid Income

Lower Mid Income

Low Income

High Income

Mid Income

Lower Mid Income

Low Income

By Tier of City

By Regional Geography

1877, 1% 33981, 27% 44486, 35% 63287, 49% 29565, 23%

21411, 17%

19832, 16%

39365, 31%

1405, 1%

Tier 1 Cities

Tier 2 Cities / Towns

Tier 3 Towns

North

East

Far East

West

South

Central

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

14 On Point Senior Living Sector in India

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 ve 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 gures 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 condence among the developers to launch niche projects. The charts (Figure 14 and 15) show market segmentation based on pricing, unit sizes and nancial model. Figure 14: Senior Housing Projects in India with Offered Unit Sizes and Pricing

1400 - 3000 sq ft

Ashiana Pune

Size of Unit

700 -1400 sq ft

Ashiana Bhiwadi

Covai Comb Impact Amritsar Bahri Kodaikanal Athashri Pune

Retirement Projects Size Range Price Range

0 -700 sq ft

Clasic Brindavan Comb Chennai Dignity Mum Dignity Chennai Riverdale Cochin Godhuli Kolkata

Golden Nest Pune

Low - Economy INR 0 - 33 Lakh

Medium - Semi Luxury INR 33 - 66 Lakh Price of Unit

High - Luxury INR 66Lakh - 1 Crore

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

On Point Senior Living Sector in India 15

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

Lease

Covai Comb Clasic Chennai

Villa
Duplex Villa, Simplex Villa
Impact Amritsar Impact Amritsar

Deposit

Dignity Brindavan Comb Godhuli Mum Kol Dignity Chennai Clasic Chennai

Apartment
3 BHK 2 BHK

Riverdale Cochin Brindavan Comb

Cottage
3 BHK 2 BHK 1 BHK
Bahri Kodaikanal Ashiana Pune Athashri Covai Pune Comb Golden Nest Pune Bahri Kodaikanal Ashiana Pune

Sale

Ashiana Bhiwadi Ashiana Bhiwadi Ashiana Brigade Bhiwadi Bglore Athashri Ashiana Pune Pune Ashiana Pune Covai Comb

Studio/Rooms
2 Rooms 1 Room

Clasic Chennai

Low INR 0 -33 Lakh

Medium INR 33 - 66 Lakh

High INR 66 Lakh -1 Crore

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

Top 10 Best Practices for success in the Senior Living Sector

As 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 headstart 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: 1. 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, nance, strategy and experience in hospitality, healthcare or senior living will be required for delivery. 2. 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

tie up with an experienced entity either as a knowledge partner or an operating partner. 3. 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. 4. 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. 5. 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 nancing which offer customers an opportunity to customize his nancing model accordingly. 6. Design innovations, unit & project layout: Architectural aspects such as anti-skid ooring, 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.

16 On Point Senior Living Sector in India

7. 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. 8. 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. 9. 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 proles 10. 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.

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 nancial returns are viable but will make the community come to fruition and increase price points for further phases.

Financial Models and Disposal Mechanisms for Senior Living in India

Globally, 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 20 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 20 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

Figure 16: Financial Models and Disposal Mechanisms for Senior Living Disposal Model Complete Sale Model (Transfer of Title) Advantages

On Point Senior Living Sector in India 17

Disadvantages

Social Acceptance: Since the underlying product Speculative Buyers: The proposed concept is is residential real estate, complete sale model is specically aimed at servicing end users who would likely to nd higher acceptability in the market due to actually require staying in a senior living community. freehold ownership of units by buyers. It becomes difcult to distinguish between a speculative buyer and a serious buyer in a complete Quick Financial Start: Complete sale model allows sale model. Introduction of penalties on the other the sale of stock and thus generation of revenues hand for occupancy may prevent sales. 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 ofoad 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 ows. 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. 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. Financing: Since the title is transferred to buyer in a Transfer of ownership in a sale model doesnt sale model, it is easier for buyers to raise bank loan allow the developer to enjoy a share in capital and other forms of nancing. appreciation. Title Security: The proposed concept of senior Lack of Control: Transfer of ownership to end living community is targeted at the senior aged user dilutes the control of developer over the population. Transfer of title offers them the security project. Such control is quite signicant to maintain that the investment will be automatically transferred processes, quality, uniformity and branding in a to their legal heirs after their demise. 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 exibility 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 benet 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. 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. 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 ows 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 ows and spread out payments over the years leads to stretched payback period from a nancial feasibility perspective.

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 Capital Appreciation Benet: Complete ownership bookings or construction linked absorption plans of residential units allows the developer to enjoy until the project is complete and delivered. complete benets of capital appreciation in the value of units.

18 On Point Senior Living Sector in India

The Road Ahead

The senior living industry in India is poised for signicant 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 24 36 months in the senior living industry and presents its recommendations to enable the industry achieve higher quality and satisfaction from its clients.

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 fullscale retirement projects. There is a period of wait and watch others expected for another 2 3 years. Entry of corporate rms: The sector is expected to attract participation from corporate rms, which are currently active in healthcare, hospitality, insurance, and other service related sectors. The current market has predominantly participation from rms 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 rst few projects launched by top corporate rms will generate large media and customer curiosity in the sector. Such projects, if clubbed with innovative nancial 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 conguration 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 classied 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.

On Point Senior Living Sector in India 19

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, stafng become critical elements in the noninstitutional, 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.

Retirement villages are an established industry in Australia and is a wellaccepted 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 nal 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 afuent seniors to take advantage of the good lifestyle with the peace of mind of knowing that their future is secure.

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

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

20 On Point Senior Living Sector in India

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 rst 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 AICP Chairman, Perkins Eastman, New York and Mumbai

Newbridge on the Charles

An Award Winning International Senior Living Project Site Area: 162 Acres Total Built up area: 1,011,572 sqft 182 Apartments, 24 villa units 50 independent living cottages 51 assisted living units 40 special care / dementia units 268 skilled nursing beds

On Point Senior Living Sector in India 21

JAMMU AND KASHMIR

HIMACHAL PRADESH Impact PUNJAB Impact UTTRAKHAND HARYANA Delhi Ashiana I AVI RAJASTHAN Ashiana I AVI Jaipur

Senior Living Projects in India

ARUNACHAL PRADESH SIKKIM UTTAR PRADESH Ansal API

map
BIHAR

ASSAM MEGHALAYA

NAGALAND

MANIPUR Aakriti Bhopal GUJARAT MADHYA PRADESH CHHATTISGARH Rachana MAHARASHTRA Mumbai Dignity Pune Ashiana I Athashree I Golden Nest Hyderabad Covai I Saket EXISTING Utopia | Palacio GOA ANDHRA PRADESH KARNATAKA Athashree I Vakil I Covai I AVI I Concorde I VLN I Sriram Bangalore Bahri Chennai Covai I Classic I Dignity Village Covai Covai I Brindavan I Rakindo Covai Coimbatore Ponni Delta TAMIL NADU Kochi Infra Housing I Riverdale KERALA PROPOSED AVI I Covai Nagpur JHARKHAND WEST BENGAL Kolkata Rosedale I AVI I Godhuli ORISSA TRIPURA MIZORAM

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

22 On Point Senior Living Sector in India

Ashiana Utsav Retirement Resort

Bhiwadi Jaipur Lavasa
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by 15 Acres (Bhiwadi) 31 Acres (Lavasa) and 7.5 Acres (Jaipur) 640 (Bhiwadi) 474 (Lavasa) 310 (Jaipur) 1,2,3 BHK Apts (Bhiwadi and Jaipur) , 1,2 BHK Apartments & 2 and 3 BHK Villa (Lavasa) Sale Model Ashiana Housing Ltd 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 hall 24X7 Security Health club, sports facilities Library Convenience store Activity hall Computer centre Transportation facility Medical assistance centre Meditation and prayer hall Temple, meditation hall Move 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/specicLocation.php?id=1&livserv_cs_id=9917173 Lavasa http://www.ashianautsav.com/specicLocation.php?id=3&livserv_cs_id=9917173 Jaipur http://www.ashianautsav.com/specicLocation.php?id=2&livserv_cs_id=9917173

Athashri
Pune
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by Member / Accreditation 3-5 Acres (4 projects in Pune) Total around 800 units 1, 2, 3 BHK (offers a choice of fully furnished apartments) Sale and Lease Model Paranjape Schemes Construction Ltd Athashri Foundation International Longevity Centre

All projects on sale model with reviewable Maintenance Deposit Compact apartments designed with minimum maintenance The 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 Whiteeld, Bangalore launched by the group. 24X7 Security Medical aid on call Club house Open air auditorium Yoga-cum-meditation room Shuttle bus service Geriatric gymnasium Library Tie up with hospital in the vicinity Community halls Dining 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

On Point Senior Living Sector in India 23

Brindavan Hill View

Coimbatore
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by 3.5 acres 74 1 BR, 1 BR Cottage, 2 BR Cottage, 3 BR Cottage Refundable deposit fee model Brindavan Senior Citizen Foundation (BSCF) Brindavan Senior Citizen Foundation (BSCF)

Refundable deposit fee model. No sale of units. The accommodation provided is on lease for 20 years, with possibility if further extension Brindavan Senior Citizen Foundation is a not for prot, faith based community that fosters integrity and growth 3 existing and one planned project in Coimbatore Food services 24X7 Security Gym recreation facility Library Engagement activities Transport and car parking facility at reasonable cost Laundry Tie-up with nearby hospital Meditation and prayer hall Power backup Banking 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 Properties

Coimbatore, Pondicherry, Chennai, Mysore & Hyderabad
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by Member / Accreditation 20 Acres (5 Projects in Coimbatore), 18 Acres project in Pondicherry, 2 Acres in Chennai, 17 Acres in Mysore and 34 Acres in Hyderabad. 306 villas (Coimbatore), 423 (Pondicherry), 220 ats (Chennai), 170 Villas (Mysore) and 324 villas (Hyderabad). Studio, 2 BHK, 3BHK Apartment, Villas Sale Model only Covai Property Centre (India) Pvt. Ltd Serene Senior Care Private Limited CREDAI, IGBC,CII

Person 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 Stage Awarded the Most Eco Friendly Gated Community by the RAAC for the year 2008. Future projects planned in Bangalore, Vizag, and Baroda Geriatric gymnasium Library& Business centre Housekeeping catering services Convenience store Travel tour & recreation services Banking and related services

24X7 Security access control Medical centre and services Assisted care centre planned Club house, Activity Centre Open air theatre Engagement activities

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

24 On Point Senior Living Sector in India

Dignity Lifestyle
Mumbai
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by Member / Accreditation 25 acres 500 is the plan. Phase I has 62 cottages/rooms Single/Double room cottages Refundable +nonrefundable deposit fee model Dignity Lifestyle Trust Dignity Lifestyle Trust AARP Global Network

Associate Member of AARP Global Network One 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 campus Dedicated guest houses being constructed Medical: Nightingale Scheme for the Chronically Ill, OPD, Hydrotherapy Security House keeping Engagement activities Club house Yoga gym hydrotherapy Food festivals Two lectures per week Indoor games facility Satsangs/ 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 fulllment in life

Project URL:

http://www.dignitylifestyle.org/

Golden Nest
Pune
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by 5 acres 51 (IL Units 51) Studio, 1 BHK Sale Model Vascon Engineers and Manisha Constructions Golden Nest Marigold Trust

Punes very rst commune designed for senior citizens Golden Nest has an arrangement with Ruby Hall clinic wherein the residents in an emergency have special status Special 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 24 hour security Concierge services Medical room doctor on call Physiotherapy room Canteen and central kitchen Housekeeping Guest accommodation Assisted living Multipurpose hall: Games, Meditation, Theatre Library and computer room Jogging/ 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

On Point Senior Living Sector in India 25

New Upcoming Projects Impact Senior Living

Amritsar
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by 5 acres 53 (IL Units - 48; NS Units - 5) Studio, 1 BR, 2/3 BR Penthouse Sale / Refundable deposit fee model Impact Senior Living Estates Pvt Ltd (ISLE) 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 nancial advisory services Future Projects planned to come up in Raigarh, NCR and Chandigarh. Healthcare services Housekeeping services Food and beverage Transport Laundry Communication to next of kin Physical wellness Security systems 24x7 Power backup Developer Remarks Impact Senior Living Estates community is being designed to provide a rst 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

RakIndo Senior Living

Coimbatore
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by 10 Acres 250 units (varied product mix) 1BHK, 2 BHK, 3BHK Pure lease, deposit fee model and sale model Rakindo Developers Pvt. Ltd Under Planning

Pilot 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 ecosystem Cater to the three stages of life of senior citizens namely, Independent Living Stage, Assisted Care Stage & Continuous Care Stage The 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 opportunities Project expected to be launched by June 2012 Medical centre and services 24X7 Security access control Assisted care centre planned Club house, Activity Centre Health & Fitness Center Engagement activities Geriatric gymnasium Library& Business centre Housekeeping catering services Convenience store Meditation Center & Temple Banking 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

26 On Point Senior Living Sector in India

AVI Vintage Homes

Bangalore, Gurgaon, Kolkata, Visakhapatnam & Jaipur
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by Member / Accreditation Various Various Various Sale Model Various Age Ventures India (AVI) Help Age India & MHA, UK

Projects by leading real estate developers operated and maintained by Age Ventures India AVI is a private not-for-prot trust HelpAge India, AVIs knowledge partners are leaders in the eld of elderly acre and support in India MHA is UKs leading care home specialists As 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 Pharmacy arrangement Housekeeping and maintenance services Yoga meditation rooms Indoor outdoor games

24X7 Security Emergency alarm systems Medical Care Dining facilities Physiotherapy cum tness centre Nursing care giving facility

Operator Remarks Come home to fresh new world

Project URL:

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

Anandam, Bahri Beautiful Country

Kodaikanal
Project Size Number of Units Unit Typology Ownership Model Developer / Owner Maintained by / Operated by 270 acres township (Bahri township) 198 Villas (Independent and Assisted Living) 1, 2, 3 Bedroom Villa options Sale Model only Bahri Estates Pvt Ltd Aamoksh One Eighty Hospitality Pvt Ltd

Part of larger 270 acres integrated township Bahri Beautiful Country Project to managed by Aamoksh One Eight, one of the leading international retirement brand Villa plot area between 232 Sq yards to 777 sq yards. Price ranging from INR 2,700,000 to INR 7,200,000 Bahri AVN Arogya Ayurvedic Hospital part of the project along with a proposed allopathic medical centre 24X7 Security Emergency call buttons Club House, Health Club Dining area/ Restaurant, bar Library, Amphitheatre Activity rooms Salon and Spa Medical facilities Indoor outdoor sports Swimming pool, Golf Ayurvedic Hospital Concierge services

Developer Remarks Anandam offers a ve-star experience where you can create your own lifestyle just the way YOU want it

Project URL:

http://anandam.co/index.html

On Point Senior Living Sector in India 27

Other Major Senior Living Projects Across India

Project Aarogya Kudumbam Active Senior Lifestyle Township Athashree (White eld) Athiti Group Saradhambal Educational and Charitable Trust CHD Pranjapee Rachna Construction Location Coimbatore Karnal, Mathura, Bhiwadi, Rishikesh Bangalore Nagpur Bangalore Bangalore Pune Goa Bangalore Chennai Kolkata Goa Chennai Noida Coimbatore Trichy Bangalore Cochin Kolkata Bangalore Hyderabad Chennai Greater Noida Bhopal Goa Vakil Infra Housing Pvt Ltd Bangalore Cochin Number of Units NA Proposed Under Construction Proposed NA NA Proposed 60 200 (Proposed) NA Proposed 18 32 98 NA 30 250 NA 50 NA 196 100 239 Proposed Proposed Proposed 102 132 Website http://www.aarogyakudumbam.org/Default.aspx http://www.chddevelopers.com/residential-senioractivelifestyle-living.asp http://www.pscl.in/ http://www.rachanaconstructions.com/atithinagpurproject.html http://www.gritzhorizons.com/html/senior.html http://www.gritzhorizons.com/html/senior.html http://www.blueridge.in/residentials.htm http://www.bougainvilla-hermitage.com/Introduction.html http://www.concordegroup.in http://dignityvillage.nsaindia.in/partners.php NA http://www.godhuli.in/index.php http://www.palacio.in/goldenoverview.aspx http://www.kudumbam.com/ http://www.logixblossomgreensnoida.in/ http://www.melurmeadows.com http://www.ponnidelta.com/ NA http://www.riverdaleresorts.com/ http://www.rosedalenri.com/senior_citizen.htm http://www.shriramproperties.com http://www.saketgroup.com/html/pranaam-the-project http://www.ssmhome.in/ http://www.supertechlimited.com/ http://www.aakritithenest.com Proposed http://www.panchavati.co.in http://www.infrahousing.com/

Avanti Legacy Gritz Gori & Associates Horizon Avanti Vista Gritz Horizon Blue Ridge Bougainvillahermitage Concorde Mist Valley Dignity Village Evergreen Villas Godhuli Golden Retreat Kudumbum Logix Blossom Greens Melur Meadow Ponni Delta Prabuddhalaya Riverdale Rosedale Garden Shriram Senior Living Saket Pranam Srimathi Sundaravalli Supertech Upcountry The Nest Utopia Vakil Housing/ Panchvati Verandah Gardens
Source: Internet Research

Gori & Associates Pranjapee Home and Estates Concorde Group RDF, NSA Godhuli Palacio Clasic Kalra Realtor Melur Meadow Lifestyle Natesan Housing VLN NA Sarachi housing Sriram Saket NA Supertech Aakriti Group

Kingford Properties Mysore

Authors
Saumyajit Roy

28 On Point Senior Living Sector in India

Associate Director & Head of Social Infrastructure Practice - Strategic Consulting saumyajit.roy@ap.jll.com +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 4 major upcoming senior living projects oated 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 nance and marketing from the Indian School of Business, Hyderabad.

Rita Mishra
Assistant Manager, Social Infrastructure Practice - Strategic Consulting Rita.mishra@ap.jll.com +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 Magon
Senior Executive, Social Infrastructure Practice - Strategic Consulting Harshit.magon@ap.jll.com +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 & REIS himadri.mayank@ap.jll.com +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 rm in 2008, he has delivered several bespoke research projects in the ofce, retail and residential sectors based on specic client requirements. Himadri holds a bachelors degree from Indian Institute of Technology (IIT), Kharagpur and has over four years of experience in the eld 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-prot organisation which aims to promote education for underprivileged through creativity and creative learning in society.

Ashutosh Limaye
Head Research and REIS ashutosh.limaye@ap.jll.com +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, identication of appropriate modes of private sector participation in infrastructure delivery for large-scale infrastructure and township projects in the urban context, nancial cost-benet analyses, project formulation and appraisals, and urban land management.

On Point Senior Living Sector in India 29

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a nancial and professional services rm specializing in real estate. The rm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than USD 2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate ofces. The rm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 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 Pacic, with over 20,800 employees operating in 77 ofces in 13 countries across the region. The rm was named the Best Property Consultancy in Asia Pacic at The Asia Pacic Property Awards 2011 in association with Bloomberg Television. For further information, please visit our website, www.ap.joneslanglasalle.com

About Jones Lang LaSalle India

Jones Lang LaSalle is Indias premier and largest professional services rm 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 rm 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

Jones Lang LaSalle ofces

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COPYRIGHT JONES LANG LASALLE All rights reserved. No part of this publication may be published without prior written permission from Jones Lang LaSalle. The information in this publication should be regarded solely as a general guide. Whilst care has been taken in its preparation no representation is made or responsibility accepted for the accuracy of the whole or any part. We stress that forecasting is a problematical exercise which at best should be regarded as an indicative assessment of possibilities rather than absolute certainties. The process of making forward projections involves assumptions regarding numerous variables which are acutely sensitive to changing conditions, variations in any one of which may signicantly affect the outcome, and we draw your attention to this factor.