Places such as Pune, Bengaluru, National Capital Region, Kochi and Chennai are emerging as realtors’ favourite for senior housing projects, says JLLM

The concept of retirement homes is not new, it is quite popular in the West. Industry experts opine that the desire among senior citizens to lead a relaxed life in a tranquil atmosphere post retirement has given birth to this exclusive concept. Of late, the concept is gaining prominence in India, a country where family is a priority.

“Earlier elderly Indians rarely thought of leaving their family and staying alone. But as of now the thought process of these elderly people has undergone a metamorphosis and they have started to value their independence even post retirement. Besides, increasing preference for apartments among the younger generation and suffocating city life are also contributing towards the growth of this concept,” says Anuj Sharma, a Noida-based realty analyst.

Critical views

According to Ernst & Young, a global services firm, although the concept of retirement homes is a bit sensitive in India, where a traditional and sentimental set up pervades, with changing attitude and outlook the idea is fast catching up. Moreover, the concept of retirement homes in the country is acquiring a new dimension with its image shift from charitable institutions with minimal facilities to high-tech and specially-designed communities.

The consultant further adds that apart from senior citizens, NRIs and couples who are about to retire in the next 15-20 years are showing tremendous interest in such kind of properties.

Even global realty consultant, Jones Lang LaSalle Meghraj (JLLM), too feels that the demand for retirement homes in India is gradually witnessing a rise, thanks to the following factors:

• Increasing financial strength among elderly people
• Desire to lead a quality and independent lifestyle
• Search for an idyllic retreat

Retirement homes: Features

Currently, many well-known developers like New Delhi-based Ashiana Housing are foraying into this niche sector. Realtors and analysts feel that the concept has already found a market in the country and within a few years it will gain further momentum.

To popularise the concept, developers at present are emphasising on designing these homes with an acute eye on details such as easy communication, advanced medical facilities, serene atmosphere, high-tech security and abundant recreational choices. “Since such properties cater to a specific age group, therefore developers are striving hard to moderinise the features, consequently providing senior citizens with a much more secure and comfortable lifestyle,” says Rajender Bhati, general manager (corporate) of Modern Buildtech Pvt. Ltd., a mid-sized realty firm in Faridabad.

Some of the housing projects designed for senior citizens in India are as follows:

• Melur Meadows in Chennai
• Golden Nest Senior Commune in Pune
• Dignity Lifestyle Township in Mumbai

Promising destinations

Places such as Pune, Bengaluru, National Capital Region (NCR), Kochi and Chennai are emerging as realtors’ favourite for senior housing projects, says JLLM.

Other emerging destinations for retirement homes include Gwalior, Mysore, Dehradun, Rudrapur, Chandigarh, Goa, Jaipur, Coimbatore, Bhiwadi, Vishakhapatnam and Bhubaneswar.

Going forward, access to easy loans and enhanced features will take the budding concept of retirement homes at par with global standards and will give Indian real estate a quantum leap.