SENIOR CITIZEN HOUSING: THE HURDLES TO CROSS

Buying a home is not only a dream of youngsters, many retirees also want to buy a home, but for that, they have to overcome adverse situations and many challenges

- Amit Sethi

You may have a house of your own, but as you grow older, the housing need may arise again. The reasons can be varied. You may want to move to a smaller apartment for security and maintenance reasons.

You may want to move to a smaller city to reduce the cost of living. You may want to take a house to live near family or friends, or you may want to move closer to nature away from the hustle and bustle of city life.

Senior citizens are usually second-home buyers, but they can be firsttime home buyers, as well. This is especially true for those who stayed in their employer's accommodation during their working life or those who were in a transferrable job and preferred to stay on rent.

While the current participation level of senior citizens in the real estate market as active home buyers is much lower compared to other age groups, it is expected to increase significantly in the future due to an increase in their share of the population. As such, the demand for senior living will also go up.

According to a press release issued by the Ministry of Housing & Urban Affairs (MOHUA) recently, from approximately 76 million in 2001, the number of senior citizens in India has increased to 104 million in 2011.

This number is expected to grow to 173 million by 2025 and about 240 million by 2050. It indicates that India is ageing rapidly, and in a couple of decades, there will be a large share of senior citizens in India's population.