Developers building more homes for senior citizens “The status of seniors in Indian market is experiencing a sea-change, owing to their growing cohort size, augmented financial independence and change in mindset. They are no longer considered withdrawn, risk averse and financially dependent. The immense potential of this segment, with its unique needs and promises, offers an array of opportunities to the Indian real estate market,” the report said. “There are currently about 30 senior living projects in India,” said B Sridhar, national director, social infrastructure practice, (education, healthcare and senior living), Jones Lang LaSalle India (JLL). Another 30 are in the pipeline, “most of them are at the proposal stage”, he said. Bangalore, Pune, Chennai and Coimbatore are the most active cities in this segment. “The gradual shift visible in Indian society, with the emergence of financially independent and lifestyle-oriented seniors has triggered the growth of high end to luxury senior living products in range of Rs 60 lakh to Rs 1 crore and upwards,” said Sridhar. According to experts, independent retirement homes are on the rise, but it will take years before they form a substantial part of the market. Currently, they have a market share of only 2-3 per cent in the overall realty market. With increasing focus of developers, the segment is bound to grow manifold in next five years.
Posted on: Sat, 03 May 2014 06:38:12 +0000
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