Chennai
With nearly 100 million senior citizens in India now to cater to in the coming decades, there is a vast untapped potential for investment and development in the sector. India provides an opportunity to developers, service providers, healthcare players and operators to create solutions specific to India while leveraging learning from across the world, says Jones Lang LaSalle survey.
As per census of India projections, the percentage of elders as a percentage of total population in the country would jump from 7.4% in 2001 to 12.4% in 2026 and touch 19.7% in 2050. In 2011, India had about 76 million seniors above the age of 60 years and it is expected that this figure will grow to 173 million by 2025, further increasing to about 240 million by 2050.
In Chennai, Covai Property Centre has announced a senior specialty apartment project at Vandalur for the retirement community. The company had earlier implemented a project in Coimbatore and they are set to expand with similar units in Pondicherry, Hyderabad and Pune.
A number of leading developers who have all along be focusing on residential development in and around the city are also planning to enter the senior citizens’ homes category as they realise the huge potential shrouding the sector. Demand for such units is growing if the number of enquiries received by select developers is any indication in the city.
Unlike traditional housing complex, retirement homes for senior citizens will have to be self-contained including the setting up of a modern central kitchen with dining facilities. A medical centre with a resident or visiting doctor, resident nurse and a physiotherapist with a fully equipped ambulance will be an integral part of such projects to take care of medical needs and emergencies. Besides leisure and entertainment activities, the maintenance and support services will have to be strong with 24×7 security.
As the development of such projects will have to be in proximity to hospitals and retail centres, location plays a key role taking into account the din and bustle of city life as well. Property developers agree that suburbs and peripheral areas offer immense scope for development such projects with improved connectivity levels and tranquility is a major factor to kickstart such projects. With the migration of a number of skilled professionals from Chennai leaving behind their parents to fend for themselves, the demand for such units is likely to grow in the coming years, feel industry analysts.
V Nagarajan, Property Consultant
Source: http://content.magicbricks.com/senior-citizen-homes-gaining-momentum
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