Over the last few decades, major real estate players have focused on developing projects that mainly target the corporate workforce of metropolitans. However, while they have received considerable success on that front, senior-living has been ignored in the process to an extent. Several old age homes, NGOs, and government institutions have helped a large number of people over the age of 55, yet the problem continues to persist in several segments.
Elderly people who need help in their daily activities, from nursing and feeding to entertainment, have a dedicated sector in real estate called assisted living. However, the high cost of maintenance involved from the developer as well as the customer is largely responsible for the ignorance in development. Many builders have stuck by the notion that their projects will not be ‘successful’ unless they belong to the affordable housing segment. In addition, the projects are not just about providing amenities, they also require a focus on intricate management of services like healthcare and facilities for decades.
More than planning the layout, senior-living projects involve a specific skill set and resources, just like luxury housing. For instance, it demands intense research in order to understand all the needs and requirements of the elderly community. The selection of caretakers, along with their management proves to be a tedious task which calls for a higher level of commitment and precision.
A number of developers have introduced Bespoke Hospitality Services that aim at taking care of an individual’s daily routine and needs. Furthermore, the push button services help in managing necessities like pharmacy bills, home bills, medicine refill, etc. As per the reports, the Indian elderly population is expected to cross the 170 million mark by 2026 and builders are speculated to meet the corresponding demands of assisted living.