The real estate in India has been re-discovering itself since the past decade. It has become highly customized and customerized like never before. The property developments in India shifted focus from metro cities to tier-II, III and IV cities. The residential property market in India has always been adjusting to the changing needs of individuals and companies.
The large scale growth in property was first seen in commercial industry as the IT wave set in. It carried forward to residential sector to accommodate the professionals working in these industries and finally to retail, in order to create entertainment and recreation sources for them. The residential segment is the most popular realty sector in India with builders concentrating all their funds on housing developments.
‘Affordable housing’ being the buzzword, developers have been constructing international quality housing at cost effective prices. After meeting the needs of industries and investors, real estate is now all geared up to cater to the requirements of senior citizens. According to a report by Jones Lang LaSalle Meghraj (JLLM), the leading real estate advisory firm, homes for senior citizens is emerging as a new property market in India.
The report said that the status of seniors in Indian market is experiencing a sea-change due to their augmented financial independence and change in mindset. They are no longer considered withdrawn or financially dependent and thus, this segment holds immense potential. Indian real estate market is witnessing a new array of opportunities in building homes for senior citizens, with its unique needs and promises.
Out a billion, the population of senior citizens in India is around 10% and with the trend of nuclear families at its best, they need greater support in all forms. The housing segment has increased four to five fold in just few years and is still on a growth path.
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