Rising trend of senior living projects
Today, a large segment of seniors are living alone due to various reasons for instance migration of children for work. At this age, health and security sits at top priority.
Senior citizens in India are thus increasingly adopting to live in retirement homes. They want to spend their coming years with no physical and mental stress. They have improved financial status as compared to earlier generations. Retirement homes not only fulfill housing and security needs, but also offer solutions for healthcare and loneliness.
Many Non Resident Indians (NRI’s) also prefer to stay in retirement homes. They come to their native place to spend better quality life. Some seniors also stay for 3-6 months in a year due to weather, visits, functions or religious requirements.
As per a report by Jones Lang LaSalle (JLL), today around 98 million elderly people (above 60 years) reside in India. It is the fastest demographic segment in the world. The report estimates that this population will rise significantly (240 million) in the middle of the century. It is growing at the rate of 3.8 percent every year as compared to country’s overall population (1.8 percent). The old age dependency ratio has increased from 10.6 to 12.6 from the year 1991 to 2012. Around 27 million senior citizens require specialized medical care.
The rising demand of retirement homes has provided opportunity to real estate developers to address housing needs of elderly people. They are launching projects exclusively for senior citizens which can suit every pocket. Retirement home come in a price range of Rs 25 lakh to Rs 1 crore depending upon the location, size and facilities provided. Builders offer studio apartments, 1-3 bhk, villas and cottages.
Most of the developers build retirement homes in the suburbs of metros. Some are being developed in Coimbatore, Goa and Dehradun. The suburban projects are low rise developments and spread over larger space.
The developers ensure complete comfort and compatibility in their product. They have a good knowledge of unique necessities, culture and lifestyle of this segment of people. The senior living sector in India faces some challenges like social stigma, affordability, manpower and legal framework.
Levels of Care in Senior Housing Facilities
People falling under this segment undergo radical changes. They require more care and attention. Following are different types of housing facilities for senior citizens.
Independent Living– Such type of retirement solutions are generally offered in India. Seniors citizens who are reasonably fit and can take care of themselves come in this category. Developers offer 1-3 bedroom apartment, villa or cottage with all common facilities. Housekeeping, Maintenance, Travel and security are taken care of.
Assisted Living– Senior citizens falling in this category require staff for their daily works dressing, bathing, reminders etc. Developers offer 1-2 smaller bedrooms with larger toilet and pantry.
Skilled Nursing Living – Senior citizens in this category require complete medical care and attention. Bedrooms are smaller in size with friendly interiors.
Some real estate players building retirement housing projects
Some active players who first developed such projects in India are Ashiana Group of Builders, Paranjape Schemes, Impact Senior Living Estate, Covai Properties, Brindavan Senior Citizen Foundation and Classic Promoters. They have launched such projects in major metros with few proposed also.
Tatas, LIC Housing Finance and the Max Group have also entered the sector. Some other developers include Golden Estate, Goldman Sachs Group, Chennai Homes. Some charitable organisations have also forayed into the development of these complexes.
Some Retirement Housing projects in India
Ashiana Utsav Retirement Resort (Bhiwadi), Athashri (Pune), Brindavan Hill View (Coimbatore), Serene Covai Properties (Coimbatore, Pondicherry, Chennai, Mysore & Hyderabad), Dignity Lifestyle (Mumbai), Golden Nest(Pune) etc. Tata Group has also announced its project “Tata Riva ” in Bangalore.
Retirement homes have proved beneficial for both developers and investors.It is a win- win situation for both parties.
