Investing in a retirement home that gives elders care and company

The facility should be designed considering the needs of seniors and be secure for them

India’s population of the elderly (those aged over 60 years) will touch 194 million in 2031 compared to 138 million in 2021, the government has estimated. It’s a population that needs medical care, company and assistance: needs that retirement homes provide.

Gopalkrishna Vishwanath, 69, and his wife, 64, convinced their children that leaving their spacious apartment and moving into a retirement community in Bengaluru’s Devanahalli was a reasonable decision. “This is a two-bedroom, 1420 sq feet apartment. We, of our own free will, moved into a retirement home where we own our apartment and pay for excellent support services. We consulted our children and convinced them that it was the best thing to do so that they don’t have to worry about us. We visit them often and they visit us whenever they can. We stay in touch using phones and internet videos. Not even once have we felt deprived of the company of our children," says Vishwanath.

The demand for quality and affordable retirement homes is rising. “…developing senior living homes goes beyond constructing buildings; it involves creating vibrant communities that cater to the unique needs and aspirations of seniors,” says Ankur Gupta, joint managing director at Ashiana Housing, a real estate company.

A 2BHK apartment of 1,062 carpet area at Urbana Irene Devanahalli costs Rs 76 lakh. A 3BHK apartment covering 1,440 sq ft costs Rs 1.42 crore. The retirement home has clubhouses, landscaped gardens, an internal road and a bicycle track.

Ashiana Amodh, a retirement home being constructed in Pune over a 11.93-acre plot near the Indrayani river, will have apartments ranging between Rs 57 lakh and Rs 1.27 crore in price. It has a 19,000 square feet clubhouse that will have a yoga lawn, swing plaza and acupressure pathway.

Senior living facilities have larger hallways with grab bars, sensory lighting, and anti-skid tiles. “We are careful about the intricate details in design such as configured rooms, rounded walls, and corners to avoid any possible injuries from fall, emergency button at a reachable height, wheelchair access with ramps, and safety and security features, says Sanjay Bhatia, senior director--community development at Antara Senior Living, which operates retirement homes in Dehradun and Noida.

India’s senior living market is currently valued at $10.15 billion and will grow as the population ages, says Shaan Zaveri, partner at Collated Ventures, IKARIA, a joint venture that operates Shantigram Township between Ahmedabad and Gandhinagar.

People buying or renting space in retirement homes are usually professionals and business people older than 55 and who want comfort, medical care and community. “Our current clientele comprises individuals based in India, as well as non-resident Indians (NRIs). We understand that seniors require a range of specialized services like housekeeping, maintenance, nutritious food options, and emergency medical coordination,” says Zaveri.

People planning to put up in a retirement home must do three things, says Vishal Dhawan, chief executive officer (CEO) and founder of Plan Ahead Wealth Advisors. First, know whether you want to opt for renting versus buying. Two, buyers must calculate the maintenance costs and inclusions; and third, access to friends and family outside the community.

“Look at all the financial goals that need to be achieved and adjust for inflation- living expenses), vehicle costs and replacements , health care costs, travel costs, charity, inheritance desires. Once you have the overall corpus clear for all this, it can be mapped to existing assets and enabled to evaluate how much one can afford,” says Dhawan.

"The cost in a senior living community is generally followed on the principle of sharing cost per dwelling for services and care common to all as Fixed MMC (monthly maintenance cost) and variable cost for expenses that are individual in nature like caregivers, housekeeping which is based on the area of the dwelling or any personal needs,” says Colonel Achal Sridharan (retd.), founder of CovaiCare, which owns elder care properties in Coimbatore.

Post-retirement, people may experience a void in their life. By offering comfortable living in their old age, retirement communities ensure that they continue to feel relevant by providing them with the necessary support, care, and resources to enhance their overall well-being.