Do you also wish to invest in a retirement home? If yes, then the time is ripe to start looking for one which can offer a relaxed retirement for you. A retirement home is where you live with people of your age and have round the clock access to medical and laundry facilities, security and communication facilities?
India is a developing economy, and increasing prosperity ensures enhanced life-expectancy. With more and more middle-aged professionals opting to retire early in their career to explore personal interests, demand for state-of-the-art retirement homes is fast gaining momentum.
According to a report by property consultant Jones Lang LaSalle (JLL), as per Census of India projections, the percentage of elders as a percentage of total population in the country would jump from 7.4% in 2001 to 12.4% in 2026 and touch 19.7% in 2050, the report said.
“Senior-living homes have evolved as a viable option for many old citizens in the country. Considering the fact that at present, about 98 million Indians are above 60 years of age, which is expected to increase to 240 million by 2050, demand for the senior-living townships in the country is expected to gain momentum, ” Vikas Malpani, co-founder and head of CommonFloor Groups said.
Although, retirement homes are a niche residential segment, but there has been a paradigm shift in the perception and thus it has been witnessing an increasing presence across various cities in India.
This has prompted many developers to cash in on the growing opportunity and come up with projects targetting the senior citizens, who vie for a hassle-free and independent life through retirement home.
With the emergence of organised developers in this segment, accessibility to quality houses with suitable amenities have increased considerably as the segment offers a practical solution for senior citizens by allowing them to lead their lives comfortably though these community livings.
According to Cushman & Wakefield, the senior living spaces in India include independent living units, for senior citizens above 55 years with good health and assisted living for senior citizens in need of assistance of nurse workers/servants.
“Realising the potential of this segment, there are talks about establishing continuing care centers which are integrated campus developments providing special
services including nursing care and space for independent and assisted living – all in one location,” said Khurshed Gandhi, managing director, consulting, Cushman & Wakefield.
These retirement homes are not just confined to Tier 1 cities, but are slowly catching up in Tier 2 and Tier 3 cities as well. With their social, medical and physical
infrastructure, these cities through their one campus offer both independent and assisted living along with skilled nursing care.
Besides the major metros including Bangalore, Pune, Chennai and Mumbai, the trend is fast spreading to Tier 2 and Tier 3 cities. Coimbatore, Madurai, Puduchhery,
Jaipur, Dehradun and Bhiwadi are some of the destinations that are fast emerging as favorite hotspots for the retirement home investors.
“Major factors that have made Coimbatore a major retirement destination include its cosmopolitan culture, low cost of living, less pollution, favourable climatic
conditions throughout the year, good connectivity and significant infrastructure growth. Add to this, the medical facilities in the city are also touted to be amongst the best in the country,” Malpani said. He further added that the ‘affordability’ factor of Bhiwadi coupled with its proximity to Gurgaon and easy connectivity to the national capital is paving its way towards a favourite retirement living destination.
Thus developers are coming up with retirement homes option not in the major metro cities, but also in the outskirts and suburbs of key metros. As the affordable housing is key for this residential segment, the developers along with affordability are also catering to other crucial parameters like operating expenditure for the services and amenities provided in senior living.