More and more options are opening up for senior citizens.
“There exists a vast untapped potential in India for alternative asset classes, such as senior housing projects,” CBRE South Asia chairman and managing director Anshuman Magazine said in an article titled “Senior Citizen Homes: Alternative Trends in India’s Realty Market”, in his blog in April 2014.
India’s 60+ population is currently estimated to be around 100 million and is expected to touch 326 million by 2050—20% of India’s total population.
Mr Magazine said there has been an aspirational change in the mindset of senior citizens, with an increasing desire to lead a secure, independent and productive life after retirement. Developers with a good profile, such as Tata Housing, have ventured into this space. The key challenges for developers launching senior citizens’ housing projects are: affordability and lack of trained manpower for providing the required services at such projects.
The Additional Mumbai District Consumer Disputes Redressal Forum directed a builder to hand over flats to two brothers, Mehul and Narayan Thakkar, and also to form a cooperative housing society, hand over parking space and completion certificate to the buyers within six months.
The Forum held Dhariya Developers guilty of deficiency in service for not handing over the flats to two brothers in Juhu, despite their having paid Rs40 lakh each in 2006.
The builder has been directed to hand over the flats after receiving the remaining amount of Rs1 lakh from each buyer. The Forum also ordered the builder to pay a compensation of Rs15,000.
The Thakkars lodged a complaint on 16 July 2009 saying that they had booked the flats in September 2006. The developer had assured them possession within a year. But the developer did not comply and ignored their repeated requests
Organised sector employees going abroad for offshore work can now fill up their PF details online to obtain the certificate of coverage (CoC) which attests that the person is covered under social security schemes. According to a circular of Employees’ Provident Fund Organisations (EPFO), applicants will be able to enter their personal data, like name, PF account numbers and the period for which CoC is required.The software has been upgraded and is expected to eliminate mistakes.
Employees need to download their application, after filling it up online, and get it countersigned by their employers.
The employer would have to submit the document to the concerned Regional Provident Fund Commissioner, who will issue the CoC within three working days.