Retirement Homes & Indian Real Estate

As Sid Miramontes in his book 'Retirement: Your New Beginning' states, "Retirement is a new beginning, and that means closing the book on one chapter to begin the next."

So, while you are starting the next new chapter of your life, don't you need a space of your own? We have got you covered with all the basic details of a retirement home. We will also explore the influence of retirement homes in the real-estate sector of India.

According to the statistics given out by the Confederation of Indian Industry (CII), the population of elderly is forecasted to be about 300 million by the year 2050. So, where do these populations go?

Where do they find a happy, peaceful living centred with people of their age and with all required services? Retirement homes are the solution!

A retirement home is a community where age-old people reside. Even though senior homes provide a range of services, they are different from long-term-care home. In the latter, senior citizens are admitted who require a higher level of care and attention.

A question must have crossed your head by now.

Why do senior citizens opt for retirement homes rather than spending their old age in their respective homes?

Well, we will attempt to find an answer to this question. Here are a few reasons why –

Fulfilling needs

A retirement home caters to all the needs of retirees. Be it washing, cooking or cleaning and having a roof above the head and all basic amenities within hands reach, without the need for the hustle and bustle to get chores done – What more can sound appealing to the elderly?

Giving attention

One of the major issues with the aged people is their call for attention. Be it regarding medical emergencies, help or even simple things like people to listen to their stories. A retirement home can account for all of these. Generally, these retirement homes house similar retirees, and there's enough room for attention and caretaking.

Independence and flexibility

Just like staying in your independent houses, retirement homes provide flexibility and freedom to their inhabitants. Add on with additional benefits like provisions for recreational and wellness programmes, housekeeping etc. You can avail the merit of social life by being in the community. At the same time, enjoy your privacy and space in your respective, well-equipped suits in these senior homes.

What makes retirement homes stand apart from old age homes?

Let us go through some pointers -

• The concept of a retirement home or senior living home is entirely different from that of old age homes. The only possible similarity is that both houses the elderly.
• Be it infrastructure wise or facility wise. Old age homes are unequipped with modern services.
• The space utilisation in an old age home is such that a common area is allotted – be it for lounge rooms, bathrooms or dining rooms. Unlike old age homes, in retirement houses, there will be provisions for separate suits, and these come as part of an individual housing unit in a senior living community.

What are the other bonuses that come along with retirement homes?

The ownership of the apartment goes to its inhabitants in a retirement home, just like when you buy a flat for your own. The added benefit is that one can avail of all necessary services without the need to run and roam about in a retirement home. The apartment complexes with their single, separate dwellings in a retirement home will have all important amenities. Entertainment and recreational facilities are also accounted for in these living units for the elderly. Those falling under the same age group live in the same complex in a retirement home. And hence, there is more scope of interaction with the peer group.

So,

What is the status of retirement homes in our country?

Let us go through some influencing factors -

The Cost Factor

In India, unlike other developing and developed countries, the trend for retirement homes is not huge. One major reason is the cost. A retirement home with all necessary services does come at a fancier price, which might not be bearable to a percentage of the population. The whole setup will also have a maintenance charge – say annually, which is to be paid to the running agency or developers. However, the purchase of a retirement home can be done in many ways – leasing, for example, is one way. Those with enough savings can also opt for a lump sum payment.

Now that we have gone through the crux of retirement homes and their impact on Indian real estate, we will explore more about their price ranging. The general pricing for a one BHK retirement home costs below twenty-five lakhs. In metropolitan cities, there is a different price range (which is normally high, considering its geography and accessibility). Indian real estate has witnessed several senior living ventures. Say, for instance – Covaicare based in Coimbatore Ashiana Housing with their head office in New Delhi, Eden Retirement Living based in Dehradun – are a few of them to name

The Pandemic Impact

While we consider the impact of retirement homes in the real-estate sector, we find that there is definitely an increase in demand for these dwellings, as per current real estate reports. The onset of the pandemic has affected the old-age community badly. Real-estate researcher's hold an opinion that, in such a worse scenario, the demand for retirement homes for the elderly will only rise. A main reason for the same being – the facilities, care and support – be it medical or psychological, that the old people attain from these setups.

Quoting Dr Robert Delamontagne, author of 'The Retiring Mind', "For many, retirement is a time for personal growth, which becomes the path to greater freedom." So, while you or your parents are at the onset of such a wonderful stage of life, why don't you choose an abode that can help you find happiness and peace? Retirement homes can be your go-to if you are putting thoughts about it.

So, that was about "Retirement Homes in India and its Impact on Indian Real Estate". We hope you found the article useful!