HIRCO to Focus on Housing Needs of Elderly

By DHRUVA JYOTI CHOWDHURY, KOLKATA, INDIA

An investment plan of a staggering £47.9 million (about Rs 400 crore) is in the pipeline by the Hirco Plc, a real estate investment firm floated by the Hiranandani group of Mumbai to develop a township in Chennai.

Worthwhile to mention here that 35 per cent of the net funds raised at the time of company’s IPO would have been deployed at the London Stock Exchange. Hirco, a close-ended investment firm set up in Isle of Man, had raised £382.6 million (about Rs 3,200 crore) in December last year from its listing on the Alternative Investment Market (AIM) of LSE. Reports suggest that apart from catering of the business and the working communities, ample purchase opportunities will be given to the elderly who will now be able to have property on the mortgage purchase system. This will be a first in the Chennai region, with a focus on the security of the elderly and their day to day needs.

So now old age will no longer be a bane if you have built a small haven for yourself. The company insiders reiterate that this plan came to their mind after the Union finance minister announced the reverse mortgage scheme, in the Budget 2007-08.

Moreover, surveys recently conducted suggests that in most of the cosmopolitan cities in the country, this system is being launched by various real estate giants and it has been termed as a ‘no loss but profit’ business in the time to come. The scheme will enable the elderly property owners’ surrender property with a bank for a regular monthly income. This will turn out to be a blessing for these property owners, many of who have been abandoned by their children.

To keep up with the tradition of the company, the company has drafted an exhaustive plan for developing the industrial areas for the reason as only industrial land is available for such for the infrastructure development and its up gradation with time.

Not only this, the company will also cater to the basic needs of the to- be dwellers with the interiors being designed by the interior designer, for the user and according to their wishes. When a person will enter the space, all he is he will be needed to start forming an image of the apartment he has picked up for the purpose. The way the components of the interior (furniture, flooring, upholstery, walls) shall be laid with their form (square, circular, elliptical, curvilinear, straight linear) and color composition (harmonious, contrasting or a mix of both). This is not only the company’s key project but can prove to be a great passé for it if all goes well. This system will depict the psychology and social status of the purchaser as well.