Senior citizens – a budding real estate mkt for developers
As per realty experts, for property developers as well as other allied services providers senior citizen are emerging as a new customer segment for creating a proper assisted living environment for them.
According to a report by property consultant Jones Lang LaSalle, senior citizens are now being looked at as a potential real estate market as the number of the elderly population is expected to grow to 173 million by 2025.
It said, today a good number of seniors are self-governed, monetarily stable, well-travelled, socially associated, and as an effect have well developed thoughts of how they want to spend time after retirement. In cities like Kochi, Chennai, Coimbatore, Bangalore, Pune, Goa, Kolkata, Hyderabad, Mumbai, Bhopal, Jaipur, Delhi, Nagpur and Punjab there are around 30 senior living projects.
In this sector some of the well-known players are Paranjpe Schemes, Ashiana Housing, Clover Builders, Max India Group which entered the segment through its Antara Senior Living project and Tata Housing.
For developing houses specially designed for senior citizens Tata Housing recently announced investments of Rs 1,200 crore. According to sources, in the form of residential complexes majority of these developments have 50-100 units, with larger ones having over 400 units. The units with sizes range from 500-2,500 sq ft super built-up (saleable) area vary from 1-3 BHK units, villas and studio apartments. Prices vary from Rs 25 lakh to Rs 1 crore.
“Many seniors are staying alone with the younger generation travelling across the country and abroad,” Disha Direct MD and CEO Santosh Naik said.
Source: Business Standard
Antara Senior Living project, Ashiana Housing, Bangalore, Bhopal, Chennai, Clover Builders, Coimbatore, Delhi, Goa, Hyderabad, Jaipur, Jones Lang LaSalle Kochi, Kolkata, Max India Group, Mumbai, Nagpur, New customer segment, Paranjpe Schemes, Property developers, Pune, Punjab, Realty experts, Residential complexes, Senior citizen, Studio apartments, Tata Housing, villas
