February 2, 2010

INDIA: Luxury living for senior citizen

. HYDERABAD, Andhra Pradesh / Deccan Chronicle / February 2, 2010 By Our Correspondent Move over old age homes. Luxurious ‘senior living’ has become the new exciting concept for real estate developers cashing in on the growing ageing population in the city. Modelled on colonies abroad, the projects generally have 300-400 units that can be bought only by people over 60. A decade later, residents will move into the ‘assisted living’ quarters within the same complex, where they will be given housekeeping and food facilities. When the owners are well into their twilight years, those ailing will migrate to the ‘old age’ segment where they will be provided with nursing and medical support. “The concept of Continuing Care Retirement Community that includes all these three facilities under one roof is yet to catch up in a big way in India,” says Mr A. Shankar of Jones Lang La Salle Meghraj, the global real estate consulting company. “Even in luxurious retirement homes in the country, old people cannot own the accommodation they stay in. With nearly one-fifth of the population expected to step into their 60s by 2050, catering to this segment will become highly profitable,” he explains, pointing out that the future will see a slew of such projects in the city. Adena, in Chennai, Tamil Nadu Builders started thinking hard about this niche area when the real estate market became bumpy last year, says Mr T. Chitty Babu, president, Confederation of Real Estate Developers’ Association of India, whose one such project, Adena, with 200 units on OMR, was sold out in a day. Everything about the design and landscape of the project is elders friendly.[rc] Copyright © 2009 Deccan Chronicle.