Senior Housing Emerges as Promising Real Estate Sector in India
According to a report by Jones Lang LaSalle Meghraj (JLLM), a real estate advisory firm, senior housing is rapidly becoming a key area of growth in the realty sector. This trend is evident in the increasing number of housing projects specifically designed for senior citizens.
The JLLM report, titled "Senior housing sector in India: Key Trends," provides a detailed analysis of this phenomenon. The report highlights a significant shift in the perception and status of senior citizens compared to a decade ago. Factors contributing to this change include evolving societal mindsets, increased financial independence among seniors, and a growing elderly population. This substantial demographic, coupled with its unique needs and requirements, is driving considerable opportunity in the Indian real estate market.
Furthermore, the report indicates a growing acceptance among seniors of a higher standard of living during their retirement years. Many individuals in this demographic actively seek out communities with peers, shared amenities, and a secure, supportive environment. JLLM's household survey involving senior citizens revealed that over 60% view the concept of an elderly club or a senior citizen's association as both viable and practical. The report concludes that traditional "old age homes" are steadily evolving into modern retirement homes or resorts. They are choosing contemporary retirement communities or resorts over more traditional facilities. The report suggests the idea of retirement resorts is now replacing the notion of old age homes in India.