Senior Housing Market Raises in India
As the joint family system in India is slowly fading away leaving the elderly and the pensioners lonely and vulnerable, real estate developers are trying to cash in on this segment by providing them retirement homes.
“Retirement housing is catching up in India but it is unlike the usual real estate project,” says managing director of Bahri Estates, Hemant Bahri.
Bahri, whose massive Anandam Retirement Home on the foothills of Kodaikanal is making news globally, feels senior housing is not about just selling the project and then focusing on the next one. It is also about how well one manages the project after it is constructed by providing care and warmth to the senior citizens. It is the only Indian project to have been awarded Best Retirement Development in Asia Pacific and India.
According to Jones Lang LaSelle India, the senior housing is a $25 billion industry worldwide but in India the market is relatively young in comparison with US & Japan.
Aamoksh One Eighty is into managing, developing, designing & operating retirement communities. So Aamoksh has been partnered with run the operations for Anandam Retirement Home. The prices range from Rs 25 lakh to Rs1 crore. Most of the senior housing communities fall under the affordable bracket as the customers have limited resources and don’t have regular sources of income.
Having said that, there has been a change in the Indian society off late with financially independent & lifestyle oriented senior citizens. This has increased the need for high end luxury senior living communities in the range of Rs 60 lakh to Rs 1 crore and upwards.
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