Senior Citizen’s housing is the new trend in real estate
The trend noted in the real estate industry is building homes for the senior citizens which are the requirement of the day. Notwithstanding the fact this is also true that this segment is virtually untapped in India. The experts and the market statisticians say that the opportunity in this segment is huge. In 2012 India had a number of 100 million senior citizens and by the year 2030 the number is expected to double.
Many top real estate players like the Tata Housing, Adani Realty, Paranjape Schemes and Brigade group, DreamzGK, RMZ Corp has already started to work in this sector in India. These companies along with some others have started to construct homes of the well-to-do senior citizens who have enough finances to support themselves and live independently in an atmosphere which supports their old age and condition. These are different from old age homes and most of the senior homes are part of larger projects and townships.
The market watchers opine that the Indian builders have realized this market is entirely different calling for different sets of needs which has not been addressed so far and is hence untapped. This makes them to give more emphasis on this segment as the market is totally untapped and has huge potential too. In that they add that currently India contributes lesser than 1 percent to the senior living industry of the globe. One of the top realty companies remark that currently there are about 30 to 35 senior living projects in the country. They are designed according to the needs and requirements of the older generation.
Many top real estate players like the Tata Housing, Adani Realty, Paranjape Schemes and Brigade group, DreamzGK, RMZ Corp has already started to work in this sector in India. These companies along with some others have started to construct homes of the well-to-do senior citizens who have enough finances to support themselves and live independently in an atmosphere which supports their old age and condition. These are different from old age homes and most of the senior homes are part of larger projects and townships.
The market watchers opine that the Indian builders have realized this market is entirely different calling for different sets of needs which has not been addressed so far and is hence untapped. This makes them to give more emphasis on this segment as the market is totally untapped and has huge potential too. In that they add that currently India contributes lesser than 1 percent to the senior living industry of the globe. One of the top realty companies remark that currently there are about 30 to 35 senior living projects in the country. They are designed according to the needs and requirements of the older generation.
Let’s look at the designs and the facilities these homes provide. The experts say that these homes have wider doors and the bathrooms and toilets are usually bigger than the ones normally built to avoid accidents and give more ease of access. Other finer details with hidden cost of property include grabbing rails for support at places of requirement in the apartment, switches at lower points accessible from the wheel chair height. These apartments also come with facilities like physiotherapy rooms, doctor-on call facility and a common dining room too which gives the ease of dining together if someone does not have the ability or wish to cook.
The realtors in this segment opine that people in the age group of 55 to 72 come to them for buying these homes for their desire to live an independent life. There are NGOs and social service organizations too in the country who are tied up with these homes to take care of the senior citizens. These homes are normally tied up with health care organizations and hospitals to take care of their ill health, if need be. The realtors also sometimes help these homes to tie up with hospitals like Columbia –Asia Hospital, Artemis, NH Hospitals, etc.
Paranjape Schemes are one of the pioneers in this segment and has developed six projects so far in the country. They have developed five in Pune and one of its project is also in Bengaluru with plans of starting three more projects in the country this financial year. The company is also reviewing three more projects in the US as well for the senior Indians living there.
Officials of the Paranjape Developers remarked that there are many people who approach them for senior’s homes who often come in groups of friends to assure that their retired lives are spent in peace and security. Few at the age of early 40’s and late 40’s also plan about their retired lives and invest in such homes assuming that their children will settle in some other places away from them or abroad after study.
Keeping in mind the increasing demand and the enthusiasm and the planning for their retired lives the builders engaged in this sector is also trying to innovate and add new features attempting to add glitter to the lives of senior citizens.
The realtors in this segment opine that people in the age group of 55 to 72 come to them for buying these homes for their desire to live an independent life. There are NGOs and social service organizations too in the country who are tied up with these homes to take care of the senior citizens. These homes are normally tied up with health care organizations and hospitals to take care of their ill health, if need be. The realtors also sometimes help these homes to tie up with hospitals like Columbia –Asia Hospital, Artemis, NH Hospitals, etc.
Paranjape Schemes are one of the pioneers in this segment and has developed six projects so far in the country. They have developed five in Pune and one of its project is also in Bengaluru with plans of starting three more projects in the country this financial year. The company is also reviewing three more projects in the US as well for the senior Indians living there.
Officials of the Paranjape Developers remarked that there are many people who approach them for senior’s homes who often come in groups of friends to assure that their retired lives are spent in peace and security. Few at the age of early 40’s and late 40’s also plan about their retired lives and invest in such homes assuming that their children will settle in some other places away from them or abroad after study.
Keeping in mind the increasing demand and the enthusiasm and the planning for their retired lives the builders engaged in this sector is also trying to innovate and add new features attempting to add glitter to the lives of senior citizens.
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