The wave of retirement residential property is catching up in India as many senior citizens are interested to spend their life comfortably with not much physical activities (housekeeping and cooking) and metal stress.
Image Source: Aamoksh (retirement home at Kodaikanal)
Why Retirement Homes?
Many elderly people today are financially independent but are left alone as the younger generation spends their time travelling across the country or opt to settle down near to workplace. And this is the time when they the elderly people prefer to spend their post retirement life in an active manner by indulging in their long lost hobbies and passions. The factors that generally attributes for the increased demand for retirement homes in India are:
- Growing wealth
- Longer life spans
- Fast changing mindsets
- Joint family are giving way to nuclear families
- Need for companionship of the same age
The concept of retirement homes has been borrowed from US and Australian markets where it is quite popular. It’s a new concept in India and is in prominence from the last 5 to 6 years. Today, a good number of realty players are finding their interest towards retirement homes as they can see a good demand and they are actively focusing on building senior citizen explicit projects. Some of them are Tata Housing, Ashiana Housing, Clover Builders, Paranjpe Schemes and Max India Group. Apart from them, several charity groups and local developers are also participating on this niche market.
The non-existence of traditional family support system is giving rise to an increased number of nuclear families and around 9% of the population is 60+ which require a great need of support.
Living in a community
Retirement homes are designed keeping in mind the requirements of senior citizens who need care and support with growing age. The features that are commonly found in a retirement home are grab rails, passage way for wheel chairs anti-skid tiles, emergency response systems and maintenance, secured systems and house-keeping services that makes life easier for the elderly. But, all these benefits are attached with a maintenance cost that is borne by the residents.
Image Source: From Web
Elderly residing there are happy as they don’t have to worry about household errands, security issues, paying bills and timely medical treatment but they can indulge in active lifestyle and spend time in recreational activities and social work. Generally, these retirement homes have tie-ups with hospitals and have quick arrangements for emergencies like doctors and ambulances.
Choosing a Retirement Home
Generally, retirement homes are like a second home purchased during the younger years for use after retirement. Cities like Pune, Bangalore, Chennai, Goa and Kochi are preferred choice for retirement housing properties. Apart from those small cities like Coorg, Haridwar, and Rishikesh are also popular among senior citizens.
The factors that attribute towards post-retirement home are the close proximity to health care facilities, infrastructure and climate of that city among others.
Limitations of Retirement Homes
There are load of restrictions on who can buy and live in these retirement homes. Few of the realtors permit young buyers to procure the property but they can stay only after a certain age, that is, 55 years in most cases. Some developers sell the properties only to senior citizens or young buyers with a joint owner who is above 55 years of age. Even there are restrictions on selling such properties. Even if one wants to sell their residential homes they should make sure that the new resident is also a senior citizen.
Retirement homes not only serves as a secure and peaceful living of one’s retirement life, but is also is a good investment option for young as the property value over the years has grown drastically. Besides the increase in valuation, the retirement homes can also be used to produce a yearly rental income. Prices of retirement homes have appreciated by over 40% more than regular housing projects.
In recent times, with increased expectancy and more of nuclear families, the population of senior citizens is on a rise, thus leading to increased demand for retirement real estate market.
So, whether you are young or retired, but charmed with the idea of spending your retirement life in one of the retirement housing communities then this is the right time to explore your option. What you can do is to rent such property for a short duration and experience it before taking the final decision.
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