Today, people are living longer and living more of their life than before due to growth of life expectancy, reduced fertility rate, lesser mortality rates, better treatment facilities and an overall improvement in the living standard across the country. As per 2011 Census of India projections, the country 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. However, with the growth of nuclear family becoming a trend, particularly, in the metros and younger generation settling in distinct parts of the country and abroad, several elders are staying by themselves. As a result, they are looking at societies that are secure and have optimum amenities like parks, hospital, super markets, etc.
In fact, this has amplified the growth of independent elderly individuals and couples to invest in alternative living spaces without compromising on the safety and comfort for their retirement years. A significant section of seniors are independent, financially stable, well-travelled, tech savvy and socially connected today, thus they have well developed thoughts on how they want to spend time after retirement and enjoy their golden years. While developing these spaces, real estate developers keep in mind that senior citizens are often faced with age-related complications like insecurity, financial limitations, loneliness, lack of physical work, health complications, etc. Recognizing and acknowledging the unique necessities of this segment several property developers are constructing housing projects which are not only providing homes to the elderly but are equipped with all amenities that they might require at this point of life. The developers aim to construct projects those are self-sustaining, so that the residents do not have to venture out to look for basic facilities.
Some of the amenities that developers are incorporating keeping in mind the needs of the senior citizens include:
- Round-the-clock and robust security systems
- Availability of housekeeping services such as maid, electrician, plumbers etc.
- Senior citizens area/park
- On-demand healthcare facilities; in some case township projects, medical centres/hospitals are located inside the gated community
- Ramps for wheelchair assistance along with automatic, spacious lifts among others
Developers today ensure that their housing projects address the evolved social ecosystem and make living for the elderly far more secure and comfortable. According to a report by Jones Lang LaSalle (JLL), majority of these housing developments have 50-100 units in the form of residential complexes, with larger ones having over 400 units. The units vary from 1-3 BHK units, villas and studio apartments with sizes range from 500-2,500 sq ft super built-up (saleable) area. Prices of these apartments vary from Rs. 25 lakhs to Rs. 1 crore. Real estate companies and developers in cities like Kochi, Chennai, Coimbatore, Bangalore, Pune, Goa, Kolkata, Hyderabad, Mumbai, Bhopal, Jaipur, Delhi, Nagpur and Punjab are also coming up with senior living projects and the market size for retirement homes, is expected to touch Rs 4,000 crore, by 2018.
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