Retirement living homes in India

29 April 2019

Our country has gone through Agriculture, Industrial, IT & Telecom revolutions and now we are amidst a Real estate revolution. Real estate has touched all aspects of human living and Retirement living, residences for seniors is the latest in their bouquet of offerings. Unlike the other segments of real estate this is not about the size and dimensions of a flat or villa, but senior care services which are on offering and would stay throughout one’s life cycle.

As rightly said by one of my senior acquaintance, this is the last purchase they make, and it is with a lot of sadness. The first home purchase is made with joy and uncertainties at the start of their career much unlike this last purchase. Hence, seniors are careful and do a lot of groundwork before they invest in this setup. The credibility of having managed senior care services becomes a primary criterion in the decision-making process of seniors or their caregivers; while investing in retirement living homes.

Having said that, Senior care and retirement living homes have been around for some time now. You will find centres all across India but, Coimbatore is the retirement capital. The Senior living segment requires an awareness drive to highlight the good work being done in the industry. These retirement living homes are often mistaken as old age homes or place for the neglected. Hence the need to explain the positives of retirement living and remove the misconceptions associated with it.

Retirement living homes are places which offer people in their late 50’s & above, a place to slow down from their hectic lifestyle and start enjoying life. They can pick up hobbies, socialise with like minded people or just sit back and connect with nature. It frees you from all the traffic, pollution and the clutters of city life and provides security, medical care, food and above all companionship and bonding to overcome loneliness. It allows one to be independent yet under supervision for timely assistance.

Retirement living or Senior housing worldwide comes in three formats ie. Small format cover 1-4 acres, Midscale format cover 5-10 acres and large-scale format cover 11-60 acres. The flats or villas housed in these formats are available for Lease, rental or sale. Retirement living facilities are further categorised to facilitate Independent living, Assisted living, or continuous care living.

Independent living retirement homes gives the senior residents the freedom to take care of themselves and access housekeeping, food & medical care as and when required. Assisted and continuous care living as the name suggests will have a geriatric caregiver around to assist residents with any weakness or medical concerns.

Retirement homes are usually 1 or 2 BHK small dwelling units constructed senior friendly with anti-skid floor, broad doors, grab bars to name a few. They have large common areas, in-house health care, food and housekeeping support. Renowned builders follow ADA standards for wheelchair access, bathroom fittings and AIA standards of designing for the dwelling units to ensure that they are in line with the prescribed International standards for senior living residences.

The retirement homes can be apartments or independent villas with geriatric amenities either set up independently or part of larger community or township.

The present generations in the age group of 40, are aware of the responsibilities to take care of their parents, and also know for sure that their children wouldn’t be around to support them when they age. The competitive world and hectic lifestyle will keep them away from each other. It is this age band of people who understand the need for retirement homes and are going to step up the demand. Quite a few builders have stepped in to work on this segment and the next 10 years would show considerable growth, retirement homes are here to stay.