Retirement Communities in India

Overview

• Over 60% of retirement communities are concentrated in South India, particularly in:
  • Coimbatore
  • Chennai
  • Bangalore
  • Hyderabad
• Growing interest in retirement communities across India, even in tier 2 and 3 cities.
• Communities provide not only physical security but also psychological security against dependency and emergencies.

Types of Facilities

1. Active Senior Living:

   • For physically and cognitively active seniors.
   • Available as sale or rental models.

2. Assisted Living and Care Homes:

   • For seniors with physical or cognitive challenges.
   • Combines assisted living and skilled nursing care in India.

3. Memory/Dementia Care:

   • Specialized care centers for seniors with memory and cognition-related issues.

4. Continuing Care Retirement Communities (CCRC):

   • Not widely available in India but some communities combine active and assisted living elements.

Evolution of Retirement Communities

• Initiated between 2003-2007 in various parts of India.
• Examples:
  • Ashiana Housing Limited (Bivadi, Delhi NCR)
  • Paranjape Developers (Pune)
  • Dignity Foundation (near Mumbai)
  • Kovai Properties (Coimbatore)
• Expansion across India, especially in South India.

Misconceptions

• Often confused with old age homes, but retirement communities offer active, lifestyle-oriented living options.

Key Services & Benefits

• Security: Physical and psychological security.
• Household Maintenance: Upkeep, repairs, and security services included.
• Dining Services: Nutritionally balanced meals managed by professional caterers.
• Community Engagement: Activities including cultural, sports, spiritual, hobby clubs, etc.
• Healthcare:
  • Emergency systems and regular health monitoring.
  • Proactive and preventive healthcare facilities.
• Socialization: Opportunities to interact with like-minded peers.

Selection Criteria for Retirement Communities

• Location: Cultural, language, climate suitability.
• Housing Options: Size, type (villa/apartment), sale or rental.
• Financial Considerations:
  • One-time investment vs monthly fees.
  • Maintenance and additional service charges.
• Accessibility: Proximity to city or lung space availability.
• Healthcare Facilities: Access to first aid and healthcare resources.
• Engagement Opportunities: Community activities and socialization options.
• Additional Services: Transportation, concierge, laundry, etc.

Financial Aspects

• Sale model: Maintenance costs range from ₹15,000 to ₹2 lakh/month.
• Rental model: Costs range from ₹30,000 to ₹2 lakh/month, inclusive of most services.
• Resale options available, but occupants must meet age criteria.

Conclusion

• Retirement communities are a lifestyle choice for hassle-free, active living.
• Important to select a community based on personal needs, preferences, and financial capabilities.