With the population of senior citizens set to grow from 8.6 per cent in 2011 to an estimated 10.7 per cent in 2021, it is necessary to focus attention on this segment, especially with regard to housing, said a report by PHD Chamber on Monday.

According to the study, developers face problems in land acquisition, obtaining financial assistance and with regulatory framework. Around 80 per cent of developers who took part in the study said they had come up with less than five senior housing projects, and only 5 per cent of these developers were able to develop 10 projects.

Around 30 per cent of developers said they had been operating in senior housing projects in India for two to five years and only 20 per cent for more than seven years. The concept of senior housing is still in the early stage in the country, the report said.

“The returns in developing senior housing societies are slow. In a few projects, the returns have been very good and in some they have been average,” said Ankur Gupta, Joint Managing Director, Ashiana Housing Ltd.

Now, developers are coming out with different financial models for senior citizens, such as rental, deposit, outright purchase etc, Gupta said.

“The need of the hour of is to formulate a policy specifically for senior citizens. The aim of the survey was to explore opportunities in the sector and to create awareness about the concept of senior housing,” said SP Sharma, Chief Economist, PHD Chamber.

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