New Delhi, Sept. 9 -- At 82, R.V. Rajan, a retired advertising professional from Chennai, decided to trade the demands of managing his own household for the comfort of Nana Nani Homes in Coimbatore, a senior living community. The move allowed him to preserve the independence he values while freeing him from the everyday chores of running a home.

"Ageing has brought health challenges, and I often worried about becoming dependent on my children. That's something I want to avoid, so choosing a senior living community felt like the right step," Rajan said.

But instead of purchasing an apartment in the community, an otherwise popular choice among retirees, he chose to rent one.

"I did not want to invest my own money in property at this age,...