Retirement homes in India in high demand
The demand for retirement homes are increasing in India. Due to the increasing demand, Indian developers are now focusing on building homes exclusively for senior citizens.
It is projected that India’s older population will rise by the middle of the century. According to United Nations Population Division, it is expected that people aged 60 and above may increase from eight percent to 19 percent in 2050.
By middle of this century, India is likely to have approximately 323 million seniors. According to a report by Jones Lang LaSalle (JLL) estimates that there are about 30 senior living projects in India but cities like Coimbatore, Bangalore, Pune and Chennai are more active cities in this segment.
Currently, there are around 30 senior living projects in India and around 30 more are in the pipeline. Most of the projects are at the proposal stage.
Max India announced their entry into the senior living business last year with an investment of Rs 240 crores through group firm Antara Senior Living Pvt Ltd. Max is one of the developers who are focusing on elderly housing marking, promising then to provide good living with good facilities ranging from medical to security to recreation.
Ashiana, one of the real estate developers, offer these kinds of projects in the north and the west which includes Bhiwadi, Lavasa and Jaipur. They are planning to open three more this year, one in Kolkata and the other two down South.
Last week Tata Group has announced its senior living project ” Tata Riva” in Bangalore. Among the other companies that have such senior living projects include Covai in Bangalore, Chennai and Coimbatore and Athashree in Bangalore and Pune.
All sizes of apartments are available in 1, 2 and 3 BHK as well as studio apartments and villas. The size of the apartments ranges from 500 sq ft studio apartments to 2500 sq ft 3 BHKs and villas. The price of the retirement homes will range from Rs 25 lakhs to Rs 1 crores.
Currently, there are only 3,000 such units are available while the demand for senior housing in India is approximately 300,000 units. So far, south has been the preferred destination for senior homes. The main reason for this is the good weather, lesser crime rate and availability of huge land parcels.
The Golden Estate has come up with such kind of projects in Faridabad with plans to enter Bangalore and Hyderabad later this year. The Golden Estate is among those offering the lease model, where residents have to pay a monthly charge of Rs 15,000 as the base price which includes regular check by doctors, housekeeping, library, nurses, internet, recreational things and cable TV connections.
There are different types of housing and care for senior citizens. They are:
1) 55+ Communities: 55+ communities are 55+ age restricted communities that offer different kind of amenities and activities.
2) Independent Living: These kind of communities are designed to empower independent seniors to enjoy a lifestyle filled with lots of educational and social activities amongst other seniors.
3) Nursing care: Nursing facilities are designed for senior citizens who are in need of 24 hours nursing care.
4) Assisted Living: It provides a special combination of residential housing, personalized supportive services and care.
The construction cost of a retirement homes is quite similar to a typical residential project. Only difference is in the layout of units and architecture design, which are done keeping in the mind all the requiremnts of seniors.
Operating and building senior living projects are move expensive, complicated and costlier than a usual residential projects. However, senior housing is not a good choice for investors, it’s an end user thing!
Related Real Estate News:
Senior-citizen apartments in high demand
Chennai Homes announces its first retirement community project
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