You may ask why they should be singled out. The simple answer to it is if this consumer segment is tapped into correctly, it could turn into the differentiating factor in major residential projects. Many real estate gurus are also of the opinion that it could emerge as a new real estate market altogether. Several non-profit organizations are also collaborating with reputed builders to focus on the design of homes of senior citizens. The numbers also back up the need for housing for senior citizens. As compared to 2012, India has seen a tremendous rise in the number of senior citizens. There were more than 100 million senior citizens that year, and the population is going to increase further in the years to come. Many experts are also of the opinion that there’s a huge gap in demand and supply in this segment.
The reason these homes could be lucrative is because more and more senior citizens are willing to invest their hard-earned income in property. As property is a sure-shot way of securing one’s future. It could also mean a steady source of income, in case they plan to rent it out. And what better way to do that than by investing in a residential property in Mumbai.
Another reason why people over the age of 58 are looking forward to properties is because they are willing to stay independently. A senior home provides all the amenities and peace that people of their age require. The design is such that they tend to have bigger doors and wider bathrooms. The switch points are at a lower height and other details are taken into consideration. Other than that, the senior homes also have other fabulous amenities like 24/7 security with CCTV cameras, parks, etc.
It is safe to say that people in the real estate industry will sooner or later realize the benefit of targeting this segment. With most of the people in the 40s thinking long term, the scene looks brighter going forward.