Chennai based L&T Arun Excello Realty(a joint venture between an L&T subsidiary and a local real estate group)has offered an apartment exchange scheme exclusively to senior citizens. For them, the builder has reserved the ground and first floors of Estancia, an integrated township being promoted 18 km from the Chennai airport on the Madurai route. They have also tied up with international realty consultant Jones Lang LaSalle Meghraj (JLLM) to guide elderly customers through the nitty-gritty of the transaction, including evaluating the worth of their old apartments.
Senior citizens quite often feel out of place in the din of city life. They would have put up with hardships for decades, for the sake of their children’s education. In retired life, instead of living alone, feeling insecure and coping with daily challenges in managing the household, they were invited to gated community that provides a secure environment. They will not be neglected or left alone, but will form part of a community, including children. Elder-friendly amenities or features such as anti-skid flooring, ramp, stretcher lifts and grab bars in toilets would form part of the project.
Since senior citizens are not eligible for home loans to buy a dream house, they often have to liquidate other assets. Hence exchange scheme can be best utilized by them. If people want to sell their flats directly to end customers, JLLM will guide them through the process.
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