Real estate is a precious commodity in a
city like Mumbai. Given the lucrative nature of land in Mumbai, builders often
have to face tough competition amongst themselves to get people to buy a flat
in their project. Plenty of ideas are thought of and executed in order to get
new investment. But while most of the focus falls on the younger and
middle-aged population which earns, there is a section that they often tend to
overlook; an untapped segment which, if focused on, could open up new avenues
of investment. Well, I’m talking about the senior citizens. Thankfully, the
real estate sector has realized this fact and is coming forward with schemes
that best suit this category.
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.
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