Why Real Estate Is Moving Towards Elderly Homes
Who doesn’t dream of a retirement life that is free of worries? Well, almost everyone. To fulfill this desire of a retired person, builders are coming up with retirement homes or elderly homes. Such elderly homes are not the traditional kind; but they are simply awesome with all the facilities provided.
Why this upgrade by builders?
Today many elderly people are financially independent but are lonely as the younger generation spends their time traveling across globe or is settled in some other city due to job opportunities. In such situations they are left alone and feel unsecure. This is the time when elderly person thinks of moving to a retirement home that provide them a safe environment and they can spend their free time in an active manner by involving themselves in various hobbies and indoor sports.
For builders this was the right opportunity to conceptualize the retirement homes for the benefit of elderly people and provide them the best in safe conditions. Factors that contribute to the growing trend of retirement homes in India:
- Fast changing mindsets
- Longer life spans
- Growing wealth
- Concept of nuclear family growing
- Need for companionship at an old age
Concept of elderly homes
Concept of elderly homes is not new, but the way it is seen has been changed and modified by the developers and builders. Previously old age home is now changed to senior citizen homes or retirement homes, and now it is willingly accepted by the elderly people as it offer good and comfortable living. The concept of retirement homes has been borrowed from US and Australia where it is quite popular and widely accepted. Retirement homes builders are witnessing ocean full of opportunities in the future with many people opting for retirement homes knowing its benefits.
Huge market for retirement homes
Broadly, India has 100 million elderly people, and if you take around 5% of them as the middle class, it will be like 5 million people. Number is quire huge and this gives a rise to construction of elderly or retirement homes. There are so many builders who are concentrating only in this segment, like Covai Senior Care Constructions, Antara Senior Living, Ashiana Housing, etc.
Leading real estate companies like Tata Housing have launched 12 projects across India with an investment of Rs. 1200 crore and it is estimated to get over by 2018.
Today, retirement homes are regarded as a secure and peaceful place for a retired person. However, it’s not only limited to elderly people, even young people who are interested can invest in this prospect as the value of such property may increase over the years. Besides, it can also fetch good rental returns. At present, the price of retirement homes have appreciated by over 40% when compared to normal housing projects.
My take on retirement homes
If you are charmed by the idea of spending your retirement life in a peaceful and good company then it is the right time to invest in retirement homes, even if you are young, you can invest in it and rent such property and use it when it is time for you.