Proximity to the multi-dimensional joint family still exists, despite modernization, home for senior living is fastly gaining fame. This type of property has become quite widespread among the retiring class particularly for those whose children are studying or settled overseas. The elderly are choosing retirement houses or the senior citizen living as a preferred choice of home for their retirement days.
The social shame attached to the senior housing is undeniable in a country like India where the traditional joint family living system is still highly admired. There are 135 urban cities & towns in India, with a sum population of 223 million. A sum of 52 million households, households with the seniors, stand at 12.8 million (24.6%). Of these, the demand for formal senior living facilities is estimated to be around 3, 00,000 home units. The bridge between the potential customers and customers who recognize their needs is vast. However, being a relatively newer thought, it is natural for it to go through a steep awareness hook.
Although there is a nation-wide call of senior housing, South India is the most vital market for this segment of reality. The most number of senior citizens with highest per capita income makes this part of the nation an exciting space for the expansion of such projects. The top requirements of customers in this segment is that of open spaces, pollution free environment & proximity to their friends and family. Therefore, outskirts of cities and towns become famous for the construction of such houses. Like Coimbatore, Pune, Hyderabad, and Chennai have become quite renowned for senior citizen housing and have an array of such projects existing and coming up.
These projects require being self-sustaining therefore the amenities needed are different from projects targeted at separate age groups. All the key services should be available to the residents, & they shouldn’t have to venture out for everyday requirements. The cost of the residence unit, monthly maintenance charges, presence of healthcare facilities & other facilities for the senior citizen at the community site should be thoroughly examined. There must be provisions of quality food, clean water, space for exercise and leisure, and a resident medical officer present on the premises at all times. The project should have easy access to transportation facilities and if possible should be nearby of a railway station or an airport. Ideally, a retirement facility should be located in a serene and quiet place with ample ventilation and sunlight and must be well connected to the city’s main areas.
The cost of senior facilities is generally 10 to 15 percent higher than other housing projects owing to the special requirements of such dwellings. There are two kinds of investors for such projects. The first that invest to selling off once there is price appreciation and they can do a beautiful project. The second is the retirees who spend on these projects to be able to live in communities with people their age at the later stage of life.
The costing of these projects ranges from 50 to 75 lakhs for the high-income segment, 20 to 25 lakhs for medium income group and 10 to 15 lakhs for lower income group of people. The most important factors to consider while investing in a retirement home are location, accessibility from airports/railway stations, proximity and availability of medical services and hospitals and connectivity to the main areas of the city.
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