Retirement Homes: An Emerging Trend In Realty Sect...

Retirement Homes: An Emerging Trend In Realty Sector

Investment in Retirement Homes

During the period of 1980s-90s, senior care in India was confined to old age homes only. But, generally old age homes meant for the destitute and run for charity purpose. With the change in time, things are also changing and the idea of dwelling independently when retired is becoming more popular. This led to the concept of ‘Retirement Homes’.

According to a research report by JLL, the current demand for senior housing in India is about 3 lakh units. By 2025, it is expected that the number of Indians above the age of 60 years will reach to 173 million which was 76 million in 2011.

So let’s explore what is Retirement housing and what developers are doing to fulfill the needs of retired people…

What Is Retirement Housing?

It is a group of flats or bungalows designed especially for the retired people or couples. The main aim is to provide an active lifestyle with complete freedom and homely environment.

The concept was first initiated in South Indian states like Andhra Pradesh, Tamil Nadu and Kerala. But, the trend has now picked up across India and many leading developers are planning retirement homes in India.

Why should one invest in a Retirement Home?

Retirement homes are specially designed for the people with the age of 55 years or 55+. These homes are based on the elder-friendly concept.

Elder-friendly features like

1. Anti-skid Tiles

2. Gran rails

3. Wheelchair- friendly premises

4. Space for social and spiritual events

5. Complete safety with security guards and emergency response system in each and every apartment

6. Complete medical facilities within the premises

Retirement Home Planning

Points to Keep in mind before buying Retirement Homes:

1. Location of the Property: Location plays an important role during property purchase but it becomes more important if you are buying for your retirement purpose. It is always better to invest in safe and developed location.

Secondly, the climate of the place also matters in the old age, so try to search for a place where climatic conditions are favorable.

2. Within the reach of basic amenities: Retirement community means you are going to spend your old age days there. So, it is always advisable to opt for a community which offers you basic needs within reach.

3. No Hasty Decision: Don’t take any decision in a hurry! The best way to select good retirement community is to visit the sites of different communities and compare them. In addition, talk to the people residing there regarding the community and facilities. This will help you to select the best community.

Who are the key players in building such projects?

Many leading players like Ashiana Group, Paranjape Schemes, and Covai Properties, among others, have already made a foray into the sector. Pune, Bangalore, Delhi-NCR, Chennai, and Amritsar are some of the major cities where these projects are operational.

Here is the list of famous retirement projects:

1. Ashiana Housing: In north-India, Ashiana Housing was the first Delhi based developer to create communities for the retired people. The builder has projects in Jaipur, Bhiwadi, Chennai and Lavasa. The cost of apartments in Lavas is around Rs. 44 lakh and the cost of apartments in the other locations range between Rs 33 lakh – Rs 37 lakh.

Ashiana Amarbagh JodhpurImage Source: Ashiana Housing

2. Athashri By Pranjape Schemes: Athashri is created Athashri Homes Pvt. Ltd, a Paranjape Schemes venture. The devloper have total 5 projects in Pune, one in Bangalore and one upcoming in Vadodara. These projects are especially designed for senior living with all special features for senior citizens like wheel-chair assistance, grab bars in toilets, round-the-clock security, complete medical facilities and abounding more.

Athashri Vadodara By Pranjape Image Source: Paranjape Schemes

3. Covai Properties: Headquartered in Coimbatore, Covai Properties has retirement homes in Coimbatore, Chennai, Punducherry, Bangalore and Kanchipuram. In addition, they are planning to expand their wings beyond South and create more communities in Greater Noida and Pune. The price of these projects range between Rs. 22 lakhs to Rs. 75 lakhs, depending upon unit sizes and location.

Covai PropertiesImage Source: Covai Properties

4. Parkside Retirement Homes at Brigade Orchards: Occupying the prime location of Devanahalli, Bangalore, Parkside Retirement Homes are located in 130 acre township. The distance from Bangalore airport is only 10 minutes.

Brigade Orchard Image Source: Brigade Orchards

Swati loves writing on real estate! Before engaging in what she thinks is ‘serious business’. Currently, she is serving the role of Content Lead and shares her knowledge to appraise investors/end-users about Indian realty sector.