“To care for those who once cared for us is one of the highest honors”
– Tie Walker, The Inspired Caregiver: Finding Joy While Caring for Those You Love
There is new generation of seniors age 60 plus Indians that are independent, financially stable, have traveled the world, and they are looking for somewhere to retire comfortably. Traditionally Indians have never really needed to think about where they go when they age – the family structure has, more often than not, provided for retired parents to live with their children and their families. There is a certain degree of social stigma associated with the existing ‘old age homes’ in India partly because it is considered an indication of destitution and having been given the proverbial ‘boot’ by one’s family.
According to a report by Real Estate Consultant Jones Lang LaSalle, India has around 100 million senior citizens (aged 60 and above) in 2012. The number is expected to double by 2030 and is projected to constitute 20% of population 240 million by 2050. The concept of senior living is at a nascent stage but the trend is catching up and southern states like Tamil Nadu, Karnataka and Kerala are seeing the most number of organized senior living projects. As an investment the segment is expected to grow and provide some good appreciation along the way.
Benefits of Retirement Communities
Living in retirement communities provide plenty of options and benefits. Living in the communities enables social togetherness with the people of same age group. These communities provide wide variety of activities including golf, tennis, swimming, art studios, libraries, clubs, yoga and cultural programs. Since these are located outside of major metro they are peaceful and pollution free. Good retirement communities provide easy access to the elderly be it inside the house or outside the house. Each communities feature wide doors to allow wheel chairs to pass through, mid-gradient ramps, and benches on the sidewalk and safe comfortable bathrooms. Many communities are gated and 24hr security guards.
Typically two types of homes are offered. One type will be the traditional apartment home but community dining and living where the senior can live on his own. The medical facilities will be located within the community and any emergencies could be handled easily. The other type is fully assisted living where an attendant will be available to support the needs of the senior. Most communities provide transportation if necessary.
The communities have all-inclusive maintenance fees that includes electricity, water or any handyman jobs. In addition, some communities provide catering and community kitchen. More luxurious ones provide choice of cuisine and regimented dining timing.
One of the challenges of living abroad is the concern about the parents or loved ones living in India. These retirement or senior communities provide the best opportunity as an investment. Your loved ones can stay and you can rent them out later. When you retire you can also go back to settle there. So before deciding the property identify your priorities and select something that will provide peace of mind at the same time works as an investment.