Retirement homes: A welcome trend in India
Amidst the change in societal norms and requirements, new concepts like retirement homes are kicking off in India. Joint family system has lost its ground in urban India and security concerns as well as lack of a like-minded community to live with have pushed open the door for retirement homes in the recent past. Most of the potential customers of this section had been working in reputed firms or government agencies and retire with a handsome amount, which they like to invest in these homes.
Retirement homes
Retirement homes are multi residence housing facility intended for senior citizen. Usually, each person or couple would own an apartment in the housing complex. The complex provides additional facilities like meals, recreational facilities, health care, etc.
Although retirement homes had been popular in the western countries and basically can be termed as a Western concept, they are becoming increasingly popular in India. Retirement homes are springing up in vicinity of cities like Delhi NCR, Mumbai, Kochi and Pune, making it a popular trend even in India.
Why are retirement homes becoming popular ?
The main reason behind the growing number of retirement homes is that senior citizens are looking to settle down in a tranquil, quiet atmosphere away from the humdrum of city life.
They provide an independent lifestyle for senior citizens in secure environment. As safety becomes an important issue for senior citizens living in cities in the autumn of their lives, retirement homes offer them an assurance of safe living.
Another incentive is that the residents get to live in a community of people sharing same age and interests. Retirement community is a popular trend in the West, which albeit slowly but nonetheless steadily gaining acceptance among the senior citizens in India. In these modern times, it has become a mirage for most of the senior couples to spent the autumn days of their lives with their children as the children have to stay afar to earn livelihood. A community of senior citizens allay their fear of loneliness and through participating in various community gathering and recreational activities, a sense of comradeship develops.
Retirement homes with enhanced facilities make living experience much more comfortable for senior citizens. Most of them have places for worship, shower chairs in bathroom, wider doors to allow wheelchairs, etc. Advanced medical facilities in the vicinity and recreational facilities like television lounges, jogging track and library designed for them provide an opportunity to fulfill their expectations in a manageable expense.
Retirement homes are priced at an amount between Rs 20 lakh to 30 lakh, keeping in mind the limited resources of the retired persons. An old couple can deposit an amount upfront and can perpetually own a home by paying monthly rent for a time period as well.
Increasing demand
The demand for retirement homes has been going up, notwithstanding initial apprehensions of Indian real estate market being sensitive to the idea of old couples settling alone amidst a community.
Many developers are coming up with homes specially designed for this segment of customers. Usually these homes are built in outskirts of a city or in a satellite city or in a developing small city. Ashiyana Homes in Bhiwadi, Dignity Lifestyle in outskirts of Mumbai, Athashri and Golden Nest Senior Commune in Pune are some of the examples of senior homes. Even non real estate entities like Max India and LIC housing finance have also joined the market by launching community homes for older people.
Most of these homes have community dining, 24×7 medical services and recreational facilities, which are otherwise difficult to find in apartments in the city. As opposed to the reducing square foot, cramped roads and lack of safety measures in city apartments, these homes have more space, are situated away from city and are equipped with better safety measures.
As per estimates, there are about 32 retirement homes across the country and about same number of homes are under construction. With the real estate sector growing, greater emphasis has been put in to including features such as grab-bars in bathrooms and corridors, anti-skid flooring and lower shelves to suit the aged people. These features make the retired couples consider retirement homes as a viable option.
