Tag Archives: Senior Living

Affordability, location accessibility, safety and security will drive the need for senior housing in India

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Bottom Line: Land value, expertise in operations and maintenance of the communities will play a key role in Senior Housing, says Colliers Research.

Senior Housing in India, Elderly Living, Homes for senior citizens, Real estate news India, India property market, Track2RealtyAs Asian countries address the new realities of ageing crisis and increasing life expectancy, senior living is now becoming a next bet for investors. According to recently released Colliers Research report on Senior Housing Outlook 2018, countries such as Japan have grappled with an ageing population for some time, others are just beginning to realise that they will need to act quickly in order to address ageing-related issues.

Macau and Singapore, for example, will see their senior populations skyrocket by 301% and 195%, respectively, by 2050.  Even fast-developing countries where seniors are a smaller presence, such as India and the Philippines, will face difficulties, if many of their young people continue to work overseas and are largely unable to attend to the immediate needs of elderly parents.

In such scenarios, more infrastructure will be needed to cater to rising number of seniors who will be residing independently and are in need of different degrees of daily assistance and medical care.

“Few factors in Indian scenario such as concern in maintenance of properties during retirement days, restricted income source for seniors, rising crime rate against elderly people, emotional challenges such as lack of companionship and security, and other healthcare aspects should drive the need for senior housing in India in coming days. However, the market will take its own time to adopt the trend, considering the Indian system of living”, says Ravi Ahuja, Senior Executive Director, Mumbai & Developer Services at Colliers International India.

As per Census of India, 2011, India had about 98 million elderly citizens, which are likely to grow in future. Also, the overall life expectancy is also on the rise giving the urge to address retiree’s demand in the country. 

According to Colliers Research, the major senior housing categories that have emerged this far can be summed up as housing developments for active seniors, in-home care, assisted living facilities and skilled nursing facilities. Developers such as Ashiana housing, Brigade, Athashree, Vedaanta are experimenting with these projects. While the senior living market is miniscule, the demand will grow in future, owing to factors such as growing awareness among seniors about the benefits of living in senior housing and numerous facilities offered by them.

“Most of the living projects in India follow outright sales, pay-back schemes and lifetime lease models at present.  However, factors like affordability, location accessibility, safety and security, land value, involvement of expertise in operations and maintenance of the communities, etc. will be the key factors driving the success of senior living communities in India in coming days”, says, Surabhi Arora, Senior Associate Director, Research at Colliers International India.

At present the senior living projects are making their advent in Indian cities such as Delhi, Bangalore, Chennai, Pune, Kochi, Coimbatore, etc. 

Housing developments for active seniors

Housing developments for active seniors tends to be the most prevalent offering, since it requires no or minimal specialist care facilities, and is therefore easiest for developers to build. Such developments are typically restricted to those 55 or over and provide several single- or multi-family housing options for retirees.

They tend to attract mobile, independent seniors with facilities such as clubhouses, golf courses and tennis courts as well as social and recreational programs. Services such as housekeeping, transportation and maintenance may be included in the standard fees.

In-home care

Individuals who lack the desire or resources move to a designated facility and receive short or long-term care that they need in the comfort of their own homes. Care services can include anything from arranging entertainment to assistance in taking medication or hospice supervision. As services tend to be part-time, this is the lowest-cost option, but must often be supplemented with family members or friends able to play the role of caregiver on a more sustained basis.

Assisted living facilities

Assisted living developments have trained and licensed staff to assist seniors who lack options for in-home care but have reached the stage where they may require help with everyday activities such as cleaning, preparing meals or taking medications.

Skilled nursing care facilities

These developments offer round-the-clock care for individuals who suffer from chronic health conditions that are too complex to be treated at home or in assisted living developments and have highly-trained staff and facilities spanning areas such as physical, occupational and respiratory therapy. Facilities may include a small number of assisted living and/or Alzheimer’s/dementia units.

Coimbatore a booming market for senior living

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By: Ravi Sinha

Senior Living, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Track2Media, Track2RealtyTrack2Realty Exclusive: When a developer few years back launched a 5 acre project in Coimbatore dedicated to the senior living, it raised quite many eye brows. Everyone was wondering whether there is a market for such a project, exclusively conceptualised for the senior citizens. Critics even had it that the project is ahead of its time and some termed it as a project meant for parking the investment. After all, a 5 acre project is quite an ambitious venture in a modest market like Coimbatore which has traditionally played safe with smaller projects on an scale that project never translates into piled up inventory.

However, the developers of the project seem to be quite convinced that there lies a big market for senior living in the city. Of late, a number of other projects being launched with the same set of clientele in mind indicates there is a booming market for this segment of real estate in the city. What makes senior housing a news point in this part of the world is the fact that these are state-of-the-art quality projects with all the amenities, and definitely not the old-age homes.

What makes Coimbatore such a hot property for senior living? According to a report, by 2015 Coimbatore is expected to have more than 1,000 retirement homes. And, people from different parts of the country are moving into these communities. Analysts believe senior retired people nowadays like to settle down in tier II cities that have the best of a small town culture and the facilities of a growing city.

Coimbatore is one of the fastest growing tier II cities in the South and has a fair share of elderly people looking for good apartments.  There are also the senior citizens who wish to sell their large traditional homes (whose children are sometimes abroad or in other cities) and move to more secure and safe living environments. They like to move into managed apartment complexes with integrated facilities and like-minded people

And the biggest traction point of Coimbatore is its climate. Rakesh Arya, a Dubai-based chef who recently bought a house for his parents in the city vouches for the climate factor, adding that benefit of small town culture and big city infrastructure is something that acts like a magnet over here. “It is less polluted than other cities, has the best social infrastructure, hospitals, and retail, all adding to its  organised community living,” says Arya.

Analysts tracking the property market in this part of the world believe land prices are going up and people are now selling large properties to move to safer and secure living. An early investment in apartments has great potential because the city is growing at a very fast pace. Properties will appreciate quickly here.

Bijay Agarwal, MD Salarpuria Sattva says the city still has not enough projects dedicated for senior living. As a group we feel that the elderly would probably not like to be separated socially. Their sense of isolation increases.  They would rather like to have buildings that facilitate their age related needs. Most importantly, they are close to all the social support they need- like hospitals, Airport etc.

“Our project- Salarpuria Sattva Navratna which is being launched by mid November and coming up on Avinashi Road caters to the special needs of the elderly. Here we have given special consideration for senior citizens – we have a special zone for senior citizens to relax, walkways and meditation zones. Senior citizens can benefit from being with their own age groups, having lifestyle amenities- like card rooms and indoor games that add value to their life as well as enjoy the company of other generations, if they wish to,” says Agarwal.

Rajsheskhar Koneru – Regional Owner of RE/MAX, Rest of Tamilnadu agrees that Coimbatore has a big market for senior citizens, unlike Chennai where senior housing forms only 5 to 10 per cent of the total market. South Indians from Delhi or Mumbai are also choosing to buy villas in gated communities or apartments, to settle here.

“NRIs, especially those who are based in Kerala, have been a stable category of buyers and builders said that there is also interest from US-based NRIs, due to the weakening of rupee. There are ample project dedicated to senior living including various community, apartments, and villas. These set of property are affordable and has all the facilities to a comfort senior citizens. Keeping in mind the affordability, prices suits the pocket of buyers,” says Koneru.

Such experiments have been tried in other parts of the country as well. But what makes Coimbatore emerge as a city for senior living is the fact that these projects are not old age homes. Hence, the infrastructure includes what they have been used to while leading an active life and working in the past. There are common dining area, lounge, garden and space for social gathering. The ground floor and first floor are usually earmarked for common facilities so that people can come down for interaction and go back home.

In a nutshell, the city for Coimbatore, known for its industries and pleasant climate, is soon expected to become an attractive destination for retirement communities. What started about a few years ago has grown multi-fold now, incorporating several models from other countries too. Though there is no specific building code yet for senior citizen homes, the houses are designed in such a way that they are comfortable for use. Even if it is a single bedroom house, it should be easy to use for those on wheel chairs too.

Indian realty fails to link CSR strategy to image makeover-II

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Senior Living, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyTrack2Realty Exclusive: It is generally believed in the sector that CSR can not be a brand driver the way other branding efforts are being evaluated in terms of ROI. Diipesh Bhagtani, Executive Director, Jaycee Homes, says that CSR alone cannot be the catalyst for brand building; there is no case study as such. CSR is seen more as a responsibility towards the society rather than a business promotion activity.

“CSR brings a company to limelight as a socially responsible company. It also goes to say that a company understands the need of the day towards the entire society, may it be towards green revolution or towards special ability children or even patients with terminal illness who cannot afford treatment. This forms a very different kind of branding for a company and has a rub off effect on the company rather than direct branding impact,” says Bhagtani.

However, there are others who believe CSR must be linked to brand positioning in the overall scheme of things. Jackbastian K Nazareth, Group CEO of Purvankara Projects advocates that brands must operate responsibly in the communities they serve. This is particularly true of real-estate brands, as the category has historically been mired with perception issues.

“CSR activities are a credible brand building tool and must be leveraged. Puravankara has over the years focused on CSR activities including responsible environment management, providing on-site labourers humane working conditions, enriching local communities through social and skill-building interventions,” says Nazareth.

Kishor Pate, CMD, Amit Enterprises Housing gives it a different perspective when he philosophises that in India why we tend to look at CSR (Corporate Social Responsibility) as a new concept. In fact, it is as old as the concept of business itself.

“It is only in the last fifty years or so that it has become a matter of social debate and public opinion. However, socially aware and responsible companies have been engaged in some form of CSR or the other for much longer than that. India is a country in which companies have always been expected to give back to society. This principle is firmly rooted in our ancient history and dates back to the days of Chanakya – India’s very own ancient business guru,” says Pate.

Manoj John, VP, Corporate Planning & Strategy, RNA Corp claims to have a broader CSR platform called Responsible Living, which is about adopting certain responsibility towards improving quality of life and towards the environment.

“This concept of Responsible Living governs the design process to create a project that improves the quality of lives of inhabitants and eco-system around. We also conduct area adoption programs around our project location to promote the concept. It is usually a year round program that enhances the awareness on practices like sewage collection & disposal, conservation of water, improving green-cover in open spaces,” says John.

…to be continued