A gymnasium, swimming pool, tennis court, dining room, housekeeping and laundry facilities. It isn?t another upcoming realty project. Urban retirees can now sit back and relax. While India has an advantage over developed nations in terms of a young workforce, greying is no longer a first world phenomena. Recent statistics suggest that half of the global population will turn 60 within the next four decades and three-fourths of this would be residing in Asia. ?The number of people above 65 years will double in India by 2050,? says Harpal Singh, chairman, Impact Senior Living and non-executive chairman Ranbaxy.
Singh has joined hands with Deepak Nirula of Nirula?s restuarants to start residential homes for seniors. The first project is already underway in Amritsar which consists over 200 units and is expected to be completed by the last quarter of this year. Impact Senior Living is also looking at other areas in Himachal Pradesh, NCR and Haryana for building residential facilities for seniors. The target audience are retired professionals from different walks of life and NRIs. The healthcare back-up for retirees in these locations will be provided by Fortis Healthcare.
According to industry estimates, there are nearly one million urban retirees whose savings run between Rs 45 lakh and Rs 1 crore. Many retired NRIs also come to India especially during the winter months. Retired bureaucrat Ravi Mohan Sethi is also busy completing one such project christened Icon Apartments for the 50 plus set in Noida. ?A great deal of sociological change is taking place in urban India. Lifespan is increasing and many children are living abroad.?
Harmony Magazine founded by Tina Ambani, recently carried an article which said the growth of retirement homes and resorts was fuelled by the emergence of nuclear families and loneliness associated with old age.
Also, many of these retirement homes/resorts are located in the outskirts of the city or in smaller towns. Like Ashiana which has developed Ashiana Utsav in Bhiwadi.