July 17, 2020: The pandemic is opening up new business prospects for companies delivering care for senior citizens, as families seek to protect the elderly who are more prone to the novel coronavirus. Many companies are seeing this as an opportunity to expand their presence in senior citizen care.
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It is expected that the covid-19 pandemic will give impetus to the demand for such services as people seek to insulate and protect their elderly. Such facilities have traditionally catered to senior citizens with assisted living needs.
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Some builders have launched new projects already. These facilities are a model of rental housing-cum-service. As sales are seen to be plunging, market consolidation is also on the cards for the real estate industry. Many players have also switched to digital mediums of making sales such as video walkthroughs and online addressing of enquiries.
Real estate developer Ozone Group, which operates a retirement community, Covai Urbana Irene, in Bengaluru, has seen a 25-30% increase in enquiries for its senior living facilities over the last one month as compared to before the lockdown.
Industry body Association of Senior Living India (ASLI) anticipates that the government would remove goods and services tax (GST) on the services, and also come out with regulations and a code of practice for the sector. “Senior living and care is an idea whose time has come for India. We need government support and handholding but that is not happening,” ASLI founder and chairman-emeritus Mansoor Dalal said.
