Senior Citizen Housing Mix of Healthcare and Community Living Experience: Dr Niranjan Hiranandani National President - NAREDCO
With the advent of a macro-classification pertaining to the individualistic needs of home-buyers, there has been a tremendous drive of sectoring the various product-offerings into niche segments, each designed to suit a specific set of customers’ wants. Right from luxury homes to affordable housing and from rental housing to co-living spaces, the real estate industry has evolved from providing mere concrete walls to a specific set of needs addressed towards a particular lifestyle appealing to a defined set of buyers, parallel to the likes of the FMCG industry.
The latest entrants into the sector, senior living is the most coveted emerging trend possessing the potential to grow phenomenally in 2019. Led by the rise in nuclear families or overseas settlements, currently the number of senior living units operational in India are increasing with specialized facilities and amenities equipped to cater the niche segment.
Catering to the 50+ age group, these elder-friendly homes are further segregated into generalized senior living and assisted living. Each of the sub-sectors comes with an array of well-designed social and healthcare infrastructural facilities. The former includes enhanced home automation amenities like CCTV camera, live streaming video feed, remote driven appliances, voice assistance devices and tracking surveillance as these are the mainly preferred by the PIO and NRI home buyers. On the other hand, the latter is designed for the senior adults who are not bed-ridden but require timely assistance on a regular basis. This type of housing projects comes with an inclusion of nursing-home, 24x7 nursing, and ambulance service, doctor visits for check-ups at the regular intervals and quick access to healthcare services for medical address. Along with the aforementioned amenities, the concept of community living is also associated with facilitating best in class socio-civic infrastructure provided to the home buyers. 24x7 healthcare, retail, entertainment, facility management services along with green ecosystem for rejuvenation are necessitated for their healthy wellbeing.
The concept of senior living though in its seeding phase has immense scope of phenomenal growth in the future. Understanding it from the fact that India’s elderly population can grow to 173 million by 2026, there is a huge vacuum of untapped potential to be exploited to the fullest. Senior living projects initially were determined to the southern belt of India comprising key cities like Kerala, Tamil Nadu and Andhra Pradesh, majorly influenced by the high number of outward migration from these cities.
Among the array of new asset class emerging in real estate sector to cater Gen-Next Millennial youths, there is potential growth projected for unique homebuyers segment in terms of Senior Living Housing. This can be defined as an assisted living which is a right mix of healthcare and community living experience for complete wellbeing of senior citizen. By 2050, the country is estimated to host nearly 340 million people above the age of 60 as per economic survey. Thus, there lies a potential market growth which can be expanded rapidly in coming time ahead.