Real estate developers are targeting the 60+age group for developing the American concept of retirement homes. 8.94% of the Indian population is above 60 years of age. The collapse of the traditional family support system and a growing number of nuclear families are said to be the reasons behind the success of these retirement homes. The occupancy rate is almost 90% in the retirement homes built by different players.
These housing colonies comprise individual houses and apartments with services provided to suit the needs of the aged. "The idea of a retirement home is to give the elderly a comfortable lifestyle after retirement. We offer an emergency care unit, state-of-the-art security and activity services. We also provide assistants for the elderly, who can help them walk, cook and perform other duties," said Ankur Gupta, joint managing director with Ashiana Housing Limited. Ashiana has two functional apartment blocks in Bhiwadi and Jaipur. The retirement homes in Bhiwadi range between Rs 18-22 lakh and the ones in Jaipur range between Rs 12-24 lakh. "The upcoming project in Lavasa, Mumbai will cost Rs 30-80 lakh," added Gupta. The living family should be above 55 years and relatives and other family members are allowed to stay for a brief period and only during holidays.
Other builders exploring this segment include Vivara Residences, Sobha Developers, Rakindo Group, Brigade Group, Paranjape Schemes and Riverdale Retirement Resorts Private Limited. Their projects are operational in Delhi, Pune, Bangalore, Chennai and Coimbatore.
Vivara Residences in Arpora, Goa, is expanding to Coorg (Karnataka), Kerala, Pondicherry, Shirdi, Rishikesh and Brindavan as well.
Vivara gives the benefit of refunding the full lease deposit amount it takes from the elderly. The resident will be required to pay a non-refundable monthly rent.
"There is a huge market for such homes and this trend will gain momentum in the next five years," said Heeron H.H. Fernandes of Vivara Residences.
10 July in The Sunday Guardian.
That was a good investment.
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