Trend for Retirement Homes catching on
The trend for investing in retirement homes has caught up with Indians in a major way in recent times, with the western influence having a major contribution. Besides, there are many other factors that have contributed to this trend like the crumbling of the joint family system, the high cost of living as well as the meager returns on savings.
Causes for demand:
An alarming phenomena seen in recent times is that children are left with no time for ageing parents due to the fast pace of life. Many of them are settled abroad or in other states in pursuit of better career prospects. As a result, senior citizens are left to fend for themselves. It is in this context that the relevance of retirement homes has gained prominence among Indians. The ageing population would prefer to stay in retirement homes rather than be relegated to old-age homes.
Projections by United Nations Population Division:
According to projections made by the United Nations Population Division, India’s older population would rise significantly from 8% in 2010 to about 19% by 2050. As per this statistic, India’s older population would be about 325 million by the middle of this century. With an eye on post-retirement life, many young professionals and businessmen are already investing in retirement homes to ensure that their old age does not become dreadful. It would also enable them to overcome the hard realities of old age like loneliness, insecurity and lack of companionship.
Emerging market for geriatric housing:
To cash in on this rising trend, many realty players are planning to embark on projects focusing exclusively on this emerging market for geriatric housing. It is estimated that there are currently about 40 senior living projects across India, spanning across cities like Bangalore, Chennai, Pune, Kochi and Coimbatore. A further 30-35 projects are coming up in the near future.
Max India launches project:
Max India is a prominent group that has made its presence felt in this niche market segment. The group has assured buyers good living conditions with emphasis on providing ideal elderly living conditions. Besides, other features include facilities for providing medical care, security and recreational activities. It has launched a project in the senior living segment through its group firm, Antara Senior Living Pvt Ltd, with an investment of Rs.240 crore. The project was promoted with the tagline, ‘fun and laughter, 60 and after’.
Hyderabad project on anvil:
Hyderabad has also witnessed the launch of many projects with focus on the geriatric housing segment. A leading developer in this segment, Covai Senior Care Constructions has entered into a joint venture with the Hyderabad based MAK Projects to launch a retirement home project called Serene MAK, to be constructed on the outskirts of the city. The project is proposed to come up on an area spread across three acres of land, off the Srisailam highway. It will consist of 250 apartments, with a cost range starting from Rs.20.85 lakh, and is expected to be completed by the middle of 2016.
