Health Care A Key Priority For New Age Buyers

Health Care A Key Priority For New Age Buyers Latest News

The Covid-19 pandemic has shaken, stirred, and sharply remodelled the world we live in. As a result in the new normal, wellness and health, both physical and psychological are seen in a new bight. There are multiple change drivers as sensitive as they are to name a lack of proper healthcare access personal losses, and the face of adversity have been the key ones, says Kamal Sagar, founder and chairman of a real estate firm based in Bengaluru

Earlier, home buyers main by focused on amenties such as furnishings, recreational spaces, and power backup. However, a recently released survey by an online real estate portal revealed that predimity to health care services was the highest ranked amenity by potential home-buyers today. 

Health is wealth
When Firdaus Shaikh (name changed on request) fell seriously I during the second wave, she struggled to find admission to a hospital We didn't have a well-equipped hospital within a radius of 10 20 km from where I lived. As a result, I had to travel from my house in Mira Road to Bandra for treatment. Had I not been prompt with my decision to travel, it would have put my health at risk. Therefore, whenever I purchase my next house, I will ensure that I invest in a project where healthcare services are available within the society complex or a hospital is close to my house,' says the 52-year old Mumbai resident. 

Mixed-use properties with modern amenities including ample green open spaces, workout zones, clinics, well ness centres, health spas, play zones, child-care centres, convenience retail and proximity to hospitals have emerged as the most sought after offerings in the residential segment. "The pandemic has brought about a realisation that medical emergencies can strike without a warning. Besides the lockdown, a lack of access to quality living conditions and healthcare facilities have further exacerbated the impact of the pandemic. Hence, ensuring healthcare facilities are a part of the project, or making sure that the same is available nearby has become important for buyers, adds Niranjan Hiranandani, national vice-chairman, NAREDCO.
With the fear and uncertainties caused by the pandemic and the intermittent lockdowns as an outcome, people now understand the necessity of investing in real estate. "Millennials today will ensure that trustworthy quality health care services, groceries and schools are just a call away. Besides, the availability of quality healthcare infrastructure in the neighbourhood not only increases the overall liveability quotient of the area, but also the potential ROI and current value of the property." points out Rohit Poddar, managing director of a real estate development company.

Demand-supply gap 
Going ahead, healthcare facilities, in the form of multi-speciality hospitals, testing labs, small clinics within residential complexes would be a top priority for home-buyers. However, real estate growth is currently not in sync with the healthcare infrastructure in most of the top eight cities. While developed countries such as the United States, UK, Japan, Germany, and Canada expend nearly 10-18 per cent of their Gross Domestic Product (GDP) on healthcare, India's spending on healthcare stands at a mere 3.5 per cent of its GDP. The number of hospital beds available per thousand people in India is also abysmally lower. While the global average is 3.2 beds per 1,000 people, India has only 0.5 beds available in public hospitals for every thou sand citizens. Even with the addition of private hospitals, this deficit fails to inch closer to the global average. Hence, community health centres need to be developed in heavily residential areas, supported by the government. India needs to significantly increase public spending on healthcare facilities to mitigate the demand-supply gap," says Ramesh Nair, CEO, India and managing director, market devel opment, Asia at Colliers.

As a country that is home to nearly 18 per cent (1.3 billion) of the world's population, India faces a massive challenge in building Its healthcare infrastructure and has to take long strides in reduc ing this gap. From a developer's perspective, amenities and facilities are an integral part of new projects. The new paradigm has made healthcare a critical aspect. Hence, clinics, OPD sort of set-ups in smaller projects and townships ensuring medical care facilities should be well-integrated to provide customers with a holistic living experience, adds Hiranandani.

Source:Times of India


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