Summary of this article
Real estate developers now target pre-60 buyers, enabling them to make meaningful community connections before retirement begins.
These projects offers 24/7 medical support, telemedicine, wellness programs, etc., as the standard features.
Builders prioritise simpler, accessible designs, AI-enhanced security systems and personalised experiences.
Senior living properties are no longer regular residential apartments that lack facilities meant for older people. Builders now recognise senior living homes as a separate segment, and they are coming up with projects that will set a benchmark for future projects. Senior living projects have also received attention from the government bodies, and they are also taking serious steps to define the segment based on factors such as their facilities, amenities, location, etc.
Here are 3 key trends that are shaping the future of the senior living property segment.
Offering A Home To Seniors A Few Years Before They Turn 60
Earlier developers used to target people who had turned 60 for selling the senior living apartments, but now they are also approaching people who are closer to retirement age. At an age closer to retirement, buyers can start building social connections in their senior living society. It allows them the opportunity to settle down easily when a few years are left for their retirement.
More Focus On Health Support
Artificial intelligence (AI) in telemedicine and predictive analytics, life coaches, yoga classes, personalised wellness, and mental wellbeing are some of the popular services that are now getting widely adopted in most senior living properties. Builders are planning their projects with designs that have a separate space for health support and related activities. A 24-hour medical support is now one of the basic features of the new senior living properties.
Intergenerational Connect
Seniors who spend their lives at senior living properties should not be deprived of connecting with the next generation. So, there are senior living projects that allow opportunity to mingle with the new generation by incorporating fitness centres, coffee points, with locations closer to colleges and schools, and allowing easy access to playgrounds and parks. Intergenerational connection is good for youngsters as well as the seniors.
AI is now being used aggressively in the senior living projects to enhance features related to security and the experience of the home buyers. Instead of complicated designs, builders are considering simpler but senior-friendly ones. The senior living segment may still be at a budding stage, but its future has already started shaping up.
The author is an independent financial journalist.
