Is the Indian market ready for senior living home/ retirement homes?

There has been a big change in the way urban India lives. There is a social transformation taking place in different segments. Gone are the days when seniors resigned themselves to a boring, post-retirement life. Instead, today they want to live it up and make the most of their golden phase. Increased longevity, better medical facilities, handsome retirement benefits, loneliness following the migration of children to faraway lands, back-to-roots emotions are some of the reasons for the change in attitude towards life. This change has, in turn, created a demand for such senior living community properties.

Who should look out for retirement homes?  Read Here:

Ms.Shantha Swaminathan has been living in a senior living community for a long time now and is quite an ‘expert’ on the subject. She enjoys sharing her knowledge and guiding others. She believes that it will soon become a way of life for seniors. 

“Some people have shown confidence in the senior living property. The property is already 50% sold out. There is enough positivity for us to feel happy and believe that the concept is well accepted by the people,” says Mr Kenneth Sannoo, of  Antara Senior Living. 

The concept of retirement homes was first introduced in South India and  Bangalore alone had seven such projects running by 2013. The initial phase saw expansion in Kochi, Chennai, Pune and Coimbatore. Recently, the projects have expanded to the northern parts of the country in Jaipur, Dehradun, Bhiwandi and Delhi-NCR. 

The response to our upcoming property in Gurgaon has been very welcoming. We decided to expand in this sector seeing the gap in demand and supply of senior living. The seniors today are socially independent and have social and security needs that need to be taken care of. They recognize the need for such kind of property,” said Mr Anubhav Jain, the Director of Silver Glades, a real estate company which has been in the market since two decades. 

What  should you be looking at before the final decision?  Read Here:

Who are the leading names to look out for in the retirement home sector? (models: Freehold, lease, rental)

Both small and big players have entered the Indian market. Below is a ready-reckoner of some of the builders who provide these homes:

1.Aamoksh One-EightyKodaikanal Independent Villas and apartmentsPrice on request
2.Adani Shantigram- The EvergreenShantigram, GujaratIndependent apartments Starting-Rs. 35 Lakhs
3.Ashiana HousingBhiwadi, Jaipur, LavasaCare homes and independent homesStarting:  Rs 23.45 lakh
4.Antara Senior LivingDehradunIntegrated township with independent and assistive homesRs. 1.7 crore- Rs. 7.14 crore
5.Covai PropertiesCoimbatore, Bangalore, Pune, Nashik Independent and assistive homesPrice on request
6.Epoch Senior CareGurgaon, PuneAssistive livingRs 60,000-Rs1,20,000 plus taxes per month
7.Serene Senior LivingPondicherry, Coimbatore, Chennai, Bangalore, KanchipuramIndependent living and personal care servicesPrice on request
8.Silverglades – Melia First CitizenGurgaonIndependent apartmentPrice on request
9.Tata Senior housingBangaloreIntegrated townshipStarting: Rs. 35 lakh
10.Vedaanta Senior LivingBangalore, Coimbatore, Chennai and KumbakonamIndependent, assistive, palliative, post-operative care and short staysPrice on request

Source: Company websites

Note: Prices may vary