The real estate sector in India has shown huge potential for growth over the last few years. The changing lifestyles, rising income levels and transformation towards nuclear families have offered plenty of scope for developers concentrating on the senior housing segment.
A recently conducted poll by ConstructionBiz360 shows 100% respondents feel that there is immense untapped opportunity for developers in India’s senior housing segment.
A recently released Jones Lang LaSalle report says that the senior housing sector in India has huge growth potential. With the government’s latest decision to relax FDI restrictions on investments in the sector, and considering the huge population of senior citizens in the country, there clearly exists a huge opportunity in the sector. The industry can take a huge boost from cases in other foreign countries where senior living industry has already gained enough maturity.
Equity players, especially NRIs, have shown a lot of interest in this sector. Senior citizens generally want to leave a relatively stress free life during their twilight years. Modern facilities, a safe environment and prompt help during medical emergencies are all they want.
The new concept of retirement home has become very popular among senior people as it offers all these facilities.These homes can either be directly bought or leased, usually by people who are 55 years or older. Safety is a key consideration while setting up these homes. Various such plots have come up over the last few years at places across India.
Sapna Bhattacharya, a senior citizen of Kolkata, owner of a NGO and a primary school says, “I have been looking for a flat for the last 6 months but have not been that successful. The concept of retirement home sounds pretty attractive. With all those facilities available as promised it could be an amazing solution to my long-term problem.”
However, the ever increasing bank rates remain a concern. Rates of housing loans have gone up rapidly over the course of the year 2011 However, developers still remain optimistic about the change of situation.