India is one of the top countries in the number of migrants. Today’s young generation knows no boundaries due to globalization. It is often not feasible for the older generation to move in and settle abroad. Neither is it convenient to stay back alone in the homeland due to health and living concerns, especially post-retirement.
The pandemic has worsened it further making the elderly more prone to the risk. They are forced to stay back home, which made it challenging to meet the daily requirements. While these were the hiccups faced by the senior citizens living independently, elderly people living in senior living communities were having all the fun. The high safety standards and provisions to arrange for their daily needs are some of the key features that have attracted the demand despite the pandemic trends.
While the pandemic has created a ruckus stalling the industries, senior housing is a corner in the real estate industry that has seen upward trends. Realizing the senior housing spaces’ benefits, the site visits to booking ratio has gone up from 10% prior pandemic to 25% now. “The demand for senior living has increased by 30%”, according to a senior living space founder in Tamil Nadu.
Let us know about senior living and its salient features that have created a buzz for a while.
Senior Living Communities and its Features
Senior living homes are purpose-built spaces for aged people who cannot live independently. The communities are developed to connect people of similar age who can support each other.
The increasing demand has been pulling the top companies to develop such projects across strategic locations like Mumbai, Delhi, and Bengaluru. Godrej Properties Ltd. has launched a project with special amenities for the elderly. A special tower has been dedicated to senior citizens.
Max India has announced its plan with a massive investment of Rs.300 crore across the prime cities like Delhi-NCR, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai in another couple of years. This data stands as testimony to the increasing trends. The inflow of investments due to development or trending segments like senior living are predicted to increase at a good rate. If you are interested in investing in trending projects with a minimum investment amount, click here.
The following are some of the features that support the increase in demand for senior housing spaces.
Most of these spaces have been coming up in the outskirts of the cities like Neral in Mumbai, Talegaon in Pune. This positions them in a peaceful atmosphere, away from the hustle and bustle of the cities. Research into this sector by ANAROCK states that there are as many as 55 senior living complexes of which 33 are located in tier 2 cities, and the rest belong to tier 1 cities like metropolitan cities.
Senior housing spaces have several accommodation options ranging from Rs.20 Lakhs to Rs.80 Lakhs depending on the parameters like location and amenities. It sounds to be priced reasonably for all the provisions that the senior living spaces provide.
These indeed are the need of the hour with the growing old-age population in the country. They can prove to be a good investment as the rents are starting at Rs.30,000 a month and may go up to Rs.1,00,000.
Healthcare Services Round the Clock
With the best of the amenities and specially designed homes, the aged are treated with the utmost care and attention. The medical support is continuously available to meet emergencies and ensures their well-being. The scheduled medical check-ups are conducted according to the requirements on a regular basis.
Amenities to Destress and Ease your Living
Senior living spaces provide you with amenities like flexible cooking, community halls for events, recreational spaces like parks, and sports lounges. The elderly can entertain themselves and find some avigation. Such activities keep them active and dynamic.
Why Senior living is a Better Alternative to Old Age Homes?
Though there are old-age homes that have been existing for a long time now, senior living spaces are occupying the top place in the market in terms of demand and supply. Here are some of the parameters on which the old age homes differ from senior living spaces, making senior housing a better alternative to old-age homes.
Independence and Privacy
Of course, both the senior living and old-age homes are the spaces for the senior citizens. Senior living spaces provide spacious apartments, unlike in the old-age homes where there is a meagre space for oneself. Therefore, senior living homes are far better than the old-age homes when it comes to independence and privacy.
Family Visiting and Hosting
Old-age homes are similar to the boarding schools, just for the senior citizens. There are specific hours for visiting your family and friends from outside the old-age home.
People opting for the senior housing spaces can have all the fun post-retirement. Families living away or abroad might visit the ones in the senior spaces as and when they wish. They may stay at the place for any time they want. There are hardly any restrictions. Anyone may host a party and invite their kith and kin. It is nothing but a private home in a community filled with people of similar age.
The old-age homes provide the necessary and basic services like food, medical support, and accommodation. But, the senior living spaces provide all-round facilities from food and healthcare to recreational spaces.
There is a spectrum of activity spaces available in the community like indoor and outdoor sports, fitness spaces, etc. One may take part in the events held in the community halls and kindle long left hobbies that have been forgotten in the busy schedules. Strolling in the garden and breathing some fresh air in the parks and chit-chat with the neighbours can be exciting and relaxing.
Food and Nutrition
Old-age homes provide a menu from which one can choose based on their taste and health concerns. Here in senior living homes, there is a double provision of ordering the food from the common kitchen or trying one’s hand at some lip-smacking recipes.
On a concluding note, the trending investments like senior living, co-living have the entire market to explore and earn lucrative returns and that too a click away. Online platforms have gained momentum with the emphasis on social distancing norms. Assetmonk is an online real estate investment platform that has various products to meet every customer’s demands and aspirations. You can bag the properties with expected high yields, an IRR of up to 21%.
Senior Living Communities FAQ's:
Senior housing or senior living spaces are the communities built for old aged people who cannot live alone and independently.
Senior living homes have all the facilities from the common kitchen, medical support to fitness centres and recreational spaces.
The senior housing offers the residents independence and choice that lacks the old-age homes.
The pandemic has helped the senior housing sector to boost the demand due to the advantages of the senior housing sector. The old-aged who could not afford to meet the demands due to the social distancing norms and lockdown have been benefited from the senior living communities that ensured their needs are met.