Developers currently are cashing in on senior citizens’ homes, the emerging market segment in Indian realty
Of late, the Indian market is witnessing a sea-change with respect to the status of senior citizens. They are no longer the solitary, risk-averse and economically-dependent class. Growing population, financial independence and change in attitude have given birth to a new and lucrative market segment in Indian real estate—the senior housing sector.
In recent times, the earlier concept of old-age homes have been successfully replaced by retirement homes, which allow senior citizens to spend the sunset years of their lives in a peaceful and secured environment. The social stigma of abandonment is no longer attached to these kinds of properties. A recent survey reveals that more than 60% senior citizens have given thumbs up for senior citizens’ clubs and associations. Therefore, the concept of ‘senior living’ is catching on in India. Recently Jones Lang LaSalle Meghraj (JLLM) has come out with a striking report, ‘Senior housing sector in India: Key trends’, which highlights the huge potential of the segment, along with its unique needs and promises.
The report points out that the disintegration of the Indian traditional family support system (joint family) has triggered the growth of nuclear families, which at present stands at 60% of the total population. Besides, 8.94% of the population is aged 60-plus. Such figures clearly indicate that there is a greater need of support for the country’s elderly people.
Getting the priorities right
While tremendous opportunities exist in this segment, it is imperative for developers to comprehend the ecosystem in which the seniors live and acknowledge their unique requirements, points out the report.
According to the report, increasing physical disability, difficulty to access transport and need for quality healthcare and geriatric care are some of the numerous issues that the elderly face during their sunset years. These, along with factors such as poor insurance coverage, legal aid and government support systems immobilise them completely. Therefore, the realtors need to address these nuances, while developing such projects.
Multitude of amenities
Realising the demands of the elderly, developers who have already made a foray into the senior housing segment are striving hard to offer the occupants with superior quality retirement homes at competitive prices. Most of the current senior housing projects provide host of amenities such as timely medical treatment, various recreational activities and strict security system, among others. Most of the senior housing projects comprise 50-100 units, which are usually categorised into 1 BHK, 2 BHK, 3 BHK and studio apartments.
To address medical emergency, the projects have arrangements for doctor-on-call, ambulance and tie-ups with nearby hospitals etc. Moreover, some senior housing projects offer continuing care units for ailing residents. In addition, some projects have charitable organisations so that the elderly can actively participate in social work.
Shobha Developers, Ashiana Group of Builders, LIC HFL, Rakindo Group, Riverdale Retirement Resorts Pvt. Ltd, Brigade Group and Paranjape Schemes are some of the real estate builders who have tried their hands in senior housing projects. Chennai, Pune, New Delhi, Bengaluru and Coimbatore are the major Indian cities witnessing such developments.
Saumyajit Roy, associate vice-president (senior living) of Jones Lang LaSalle Meghraj, a global real estate advisory firm
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