INDIA: Specialty housing for the elderly in North India

CHANDIGARH (The Financial Express), July 2, 2008: By Preeti Parashar Real estate developers in north, are ushering in a new era of living for the senior citizens, by developing specialty housing projects for them. The developers are focusing on providing high end facilities for the people above 60 years of age. Punjab based Impact group, which has developed about 8 residential colonies under its subsidiary Impact Projects, is now looking to enter the specialty housing sector with the launch of the Impact Senior Living Initiative in Amritsar. Interacting with FE, Jaivir Singh, Vice President of the Impact Group of companies shared, "We aim to provide three basic facilities in our housing project, related to healthcare, security and independent lifestyle, which are crucial in the later stages of life. The concept is already present in the western world but the time has come to launch it in the Indian market as this sector has been largely neglected in India . Moreover there's a great scope of growth in this segment due to lack of organized players." Impact Senior Living, will launch its first project in Amritsar spread over an area of 10 acres catalyzing an investment of about Rs 70 crore. Jaivir added further, “In the first phase we'll develop about 215 units of sizes ranging between 500 sq ft to 1,000 sq ft with one, two and more bedroom suites. We'll concentrate on the backend services as well. We have collaborated with Fortis Healthcare to provide healthcare facilities to the residents of our colony. The sale and lease offer will be opened within the next two months. The architects have been roped in from Europe and the possession of the units will be given away by the end of 2009. The ever increasing connectivity into the state and specially into Amritsar is a reminder that the trend for relocating NRI's and people wanting a base in the holy city will only increase and they will want housing and infrastructure which is at par with cities the world over.” Impact group plans to replicate the same model in Solan district of Himachal over 40 acres with an investment of about Rs 50 crore and in NCR at a cost of Rs 120 crore over land ranging between 15-50 acres. On the other hand Real estate developer - CHD Developers has firmed up plans to set up a retirement lifestyle housing project for the retired people in north. RK Mittal, chairman and managing director, CHD Developers told FE, “The company targets to build resorts and luxury housing for people above 55 years of age. These projects will come up in Haryana, Punjab, Rajasthan, Mathura and Rishikesh etc. We will be designing the resorts in consultation with an Australian expert and things will be finalised soon." © 2008: Indian Express Newspapers (Mumbai) Ltd.