Impacted by the current economic downturn that has flung new challenges, realtors and travel houses are now targeting senior citizens. The sector is new and untapped and the realtors consider them as safe options for liquidity.
In last two to three years, a few projects with focus on senior citizens have been launched in Chandigarh. Among the developers who have announced projects for senior citizens are Delhi-based CHD Developers [ Get Quote ] and Opera CCPL group.
While Panchkula-based Opera CCPL has launched 'retirement homes' named Cassa Gold, CHD Developers is building Active Senior Lifestyle Township comprising homes and villas targeted at elderly people. Those who are of or above 55 years can own a property here.
CHD Developers plans to develop 7,000 such homes and villas in these retirement projects planned for the cities of Karnal (Haryana), Rishikesh (Uttarakhand [ Images ]), Mathura (Uttar Pradesh [ Images ]) and Neemrana (Rajasthan [ Images ]). The price of these villas/apartments will range between Rs 27 lakh and Rs 76 lakh.
Vishal Rajpal, chief financial officer of CHD Developers, said in times of downturn when corporate and other people are finding it tough to purchase flats, senior citizens could be banked on. "Senior citizens do not depend much on external financing and have their money parked at right places," he added.
Jones Lang LaSalle Meghraj regional director Manoj Kashyap feels the cash flow that is readily available with the senior citizens is one of the reasons why real estate companies are looking at this untapped market.
Not only realtors, even the tour and travel operators in the region are realising the potential of this untapped market.
According to Gurinder Bawa, business head, International Travel House [ Get Quote ] Limited, the recession has impacted the company's business by at least 30 per cent as corporate clients, who till recently remained major clients, had been severely hit by the downturn.
It is laying special focus on senior citizens who are now being labelled as potential business for the company. Bawa says availability of time and money with senior citizens is driving the interest of travel houses towards them.