International property portal launched
Retirement housing, senior housing and homes designed for assisted living are the next major real estate trend on the horizon. Several real estate developers across the country have identified retirement/ senior citizen homes as a sunrise segment and have begun to provide residential products customised to the specific needs of the elderly in the country. .
The location is what determines if a retirement housing project is feasible for all stakeholders involved. For it to be a success, the project needs to be developed across a large complex; and for it to remain affordable for the end-user segment, it needs to be located in the peripheral areas of cities where such large tracts of land AFFORDABILITY, LACK OF TRAINED MANPOWER SENSITIVE TO HANDLING SENIOR CITIZENS ARE THE NEED OF THE HOUR are more affordable than locations near the city center.
Senior housing in India is usually available in large-scale formats of 10 to 60 acres, mid- scale formats of 4 to10 acres, and 1 to4 acre small-scale projects; while financial models are available in sale, leasehold as well as monthly rental models. Typically, such housing units vary from 50 to 100 units in a project to a maximum of 400 units within a single project; and most of these are in the 1–2 BHK formats, with unit sizes ranging between 500 sq ft and 1,000 sq ft at an affordable pricing range for the retirement community.
The key challenges for developers launching senior citizen housing projects in the country are mainly the affordability factor and the lack of trained manpower sensitive to and capable of handling such specialised projects. Real estate startup, Square Yards, has announced the launch of an International property portal (global.squareyards.com) for enabling global cross border real estate investments.
“International real estate is one of the fastest growing and most profitable segment of our business.
“We want to invest more into it and are currently building our local agent network in each of the countries. We would gradually expand to over 25 international markets,” says Tanuj Shori, founder and CEO at Square Yards. Real estate developer body Naredco has welcomed the government’s announcement for implementation of operational guidelines for the Credit Linked Subsidy Scheme (MIG), saying that it will strengthen the execution of its larger goal of Housing for All and improve the development and promotion of affordable housing in the country.
Minister of housing and urban poverty alleviation, M Venkaiah Naidu released the Operational Guidelines for CLSS (MIG) this week.
As per the guidelines, middle income groups (MIG) with an annual income of above 6 lakh and up to 18 lakh per annum are eligible for interest subsidy on housing loans under the new CLSS (MIG) scheme. Those who have been sanctioned housing loans and whose applications are under consideration since January this year are also eligible for the interest subsidy.
Commenting on the announcement, Parveen Jain, president, NAREDCO said, “The operational guidelines for the MIG group will be beneficial for urban areas, as the group is better equipped to take advantage of the interest subsidy scheme. It will enable this group of homebuyers to invest in housing. Those in the wait and watch mode will now be able to invest.”