Real estate sector looks up to Senior Citizens as new segment
A report by property consultant Jones Lang LaSalle throws light on the matter. According to the report, the elderly population is expected to grow to 173 million by 2025 and senior citizens are now being looked at as a potential real estate market.
The report explains a lot of senior citizens are independent, financially stable, well-travelled, socially connected, and as a result have well developed thoughts of how they want to spend time after retirement. It makes immense sense to market the properties to them. 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. Paranjpe Schemes, Ashiana Housing, Clover Builders, Max India Group, Tata housing are few of the prominent players in the segment.
Recently, Tata Housing announced Rs 1,200 crore investment for developing houses specially designed for senior citizens. The projects are in the form of residential complexes, with larger ones having over 400 units. There are various units like 1-3 BHK units, villas and studio apartments with sizes range from 500-2,500 sq ft super built-up (saleable) area, having price range of Rs 25 lakh to Rs 1 crore.
Source: Business Standard
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