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JK Urbanscapes Developers Limited, the JK group’s real estate division, has joined the senior housing development market with the 2.6-acre Advait project in sector 50 of Gurgaon, according to a senior executive.
The business is led by Abhishek Singhania, intends to build two or three senior housing complexes in the National Capital Area in addition to looking at markets in Hyderabad, Bangalore, and Kolkata.
It has established a 50:50 joint venture with Manish Periwal’s real estate firm, Pioneer Urban Land and Infrastructure Limited, situated in Gurgaon.
JK Urbanscapes Ventures Into Senior Living With Advait Project In Gurgaon
We intend to vigorously grow our real estate company, but we will also use the joint venture to undertake senior housing projects. The joint venture’s designated partner, Maneesh Mansingka, stated, “The community will be for active seniors, with a lot of focus on how to engage people living there in various activities.”
Projects related to elder living will be undertaken nationwide by Pioneer JK elder Living LLP. With 164 flats in the first project, Advait, the business anticipates earning over Rs 500 crore in income. It requires an approximate investment of Rs 200 crore.
Following two waves of COVID-19, senior living houses have seen a rise in demand as a younger clientele is now making reservations for these spaces.
Strategic Collaboration: Pioneer Urban Partners With JK Urbanscapes For Senior Living
Many elderly people continue to work full-time after they retire. The project will include a business center, and we’ll collaborate with surrounding universities to allow students to visit the space and pick the brains of experienced staff members. In a similar vein, residents would have the chance to visit the institution and impart their knowledge to fellow students, Mansingka stated.
There is a waiting period for ready-to-occupy projects since the majority of the units were sold during the second wave of Covid-19, despite the fact that demand for under-construction facilities has risen.
Despite their financial means, the bulk of the older people had been left to handle medical issues or live without domestic support during the epidemic. This made a lot of people in this age range look for a place to live in an assisted living facility.
Innovation In Active Senior Living: A Closer Look At Advait’s Unique Features
People are seeking for wheelchair-accessible campuses, non-slip carpeting, and peephole-equipped entrances when purchasing senior citizen houses. Convenience stores close by or on the campus, banking facilities, holistic healthcare, and easy access to medical support are all sought.
Based on statistics from Housing.com, southern cities account for nearly 70% of all senior living projects in India; Bengaluru, Chennai, Kochi, and Coimbatore top the list, followed by the north and west.
Ashiana Housing, Columbia Pacific Communities and Max Group’s Antara are key developers in this area. The majority of developers in this market provide leases with a security deposit and monthly fees, or outright purchases.
In India, the number of adults 60 and older is projected to rise from 139 million to 320 million over the course of the next three decades.
Meeting The Rising Demand: JK Urbanscapes Expands Senior Living Nationwide
In response to the escalating demand for high-quality senior living, JK Urbanscapes is taking bold strides by expanding its senior living offerings nationwide. With an unwavering commitment to providing exemplary care and a vibrant lifestyle for seniors, the expansion aims to meet the growing needs of the aging population.
JK Urbanscapes’ new locations will not only offer state-of-the-art facilities but also prioritize creating communities that foster social engagement, independence, and overall well-being. The expansion reflects the company’s dedication to redefining senior living and ensuring that elderly individuals have access to comfortable, supportive, and enriching environments.
Changing Trends Post-COVID: The Surge In Demand For Senior Living Spaces
The aftermath of the COVID-19 pandemic has witnessed a significant shift in housing preferences, with a notable surge in the demand for senior living spaces. Recognizing the evolving needs of seniors in a post-pandemic world, JK Urbanscapes is at the forefront of this trend, tailoring their offerings to align with the newfound priorities of older adults.
As families increasingly prioritize safety, healthcare, and community for their elderly members, JK Urbanscapes’ senior living spaces stand as a testament to the adaptation of the real estate market to the changing landscape, ensuring a secure and fulfilling lifestyle for seniors in the years to come.
Source-ET
