Retirement pad options

Retirement means different things to different people. It’s not a one-size-fits-all lifestyle, and some would bicker it’s not a lifestyle at all. But with a new wave of independent seniors, retirement has been redefined and they are taking different approaches to living their best life during these years. And a newage retirement home is one such welcome choice for these seniors. These are no longer the depressing, run-down old-age homes where the aged, unable to adjust with their family, reside. In fact, these places are more like retirement resorts with luxurious surroundings.

For Hariprasad Krishnan (65), a retired French lecturer and his wife, K Lakshmi (65), a retired Geography professor, the dream was to live in a comfortable and luxurious retirement home where they could peacefully spend their sunset years. “I have been planning for a peaceful retirement life for long but I was not sure whether I would be able to find one that would suit my needs. I gave much importance for a retirement home for the reason that when I grow old I should not trouble my children,” says Krishnan. The search for such a home ended at one of the retirement communities called Aanandam in Kodaikanal.

With rising incomes, longer life expectancy and the rise of nuclear families, more and more elderly with means and wits of their own are on a lookout for such places to reside for a stress-free retirement. These centres provide well-furnished homes with activities of daily living. Facilities in these colonies also include leisure activities like hobby clubs, swimming pools, health clubs, and libraries.

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Takers for this new paradigm

With increasing spending power, the demand for well-appointed retirement communities is expectedly on the rise. Seniors want to spend their last years in luxury, with all the amenities they were used to during their working years, and with the added comfort of having medical facilities. And if all this is not accessible in the family site, they are ready to pay for places where they are.

One can choose the retirement house according to one’s need. Options such as active living or assisted living exist. The former is suitable for those who can take care of themselves and handle their daily activities. The latter is for those who need 24 hours assistance. Also, in terms of occupancy, you can choose a model that fits your budget. 

Vasant Kumar Nair (64), former head of human resources at a private firm, bought a retirement home in Rajasthan several years ago, but initially was not convinced if he could live there. He then started searching for more such properties where he could spend his sunset years. After much research he was finally swayed with retirement home builders, Ashiana Housing, who offered him a trial apartment in Bhiwadi. “I used to live with my wife and children in Gurgaon but as my children moved out, it became difficult to maintain the house and didn’t feel safe,” recalls Nair.

It’s not that these senior citizens have been treated shoddily by their offspring and relatives. More and more are of the view that they need a place that will give them security and solidarity without forfeiting their personal space. “I first booked a trial apartment to get a first-hand feel of the project and I loved the whole concept and decided to leave behind the hassles of maintaining an independent house,” adds Nair.

Costs and services

Better security and medical facilities, a less polluted environment and the opportunity to spend time with similar-aged companions were the chief reasons for the relocation. “An important factor working in the minds of senior people is security. As they grow old, they are apprehensive of security threats in the cities if they are not living with their family members. This is one of the prime reason why elders are looking for such sanctuaries where they can spend the rest of their lives without fear,” says Ankur Gupta, Joint Managing Director, Ashiana Housing.

6 things to keep in mind when zeroing in on a retirement home

The developers of retirement homes also have tie-ups with healthcare providers. For instance, Tata Housing Development in Bengaluru has tied up with Apollo Healthcare for all the services. The designs of most flats suit the requirements of senior citizens with wider doors and ramps for wheelchair access. However, these homes do come with fair share of obligations. For example, even if you buy a retirement home, say, when you are 30, you can begin to stay only after you retire or are typically in your 50s. You can, however, rent the space out to other seniors looking for a place.

For buyers, there is no age restriction. For instance, Mumbai-based Amit Shevade, bought a 1BHK retirement house for close to Rs 25 lakh in 2009 in Ashiana Housing’s Utsav. Since the mandatory age to live in the house is above 55 years, he is currently using the apartment as a vacation or weekend home. “While we make investments in a pension plan for retirement, I think it is also important to plan a life after retirement. Buying a house post retirement might not be possible always and hence I decided to buy one while I was working,” says Shevade.

The projects typically fall under three models: “First is a complete sale, in which property rights are transferred to the buyer; similar to buying any other type of property. Second is a pure rental model, in which the user rents from the owner. Third is the lease deposit model—a combination of the previous two models,” explains Gupta.

While a lot of facilities are just a call away, they come at a premium compared to regular housing projects. Therefore, when you are investing in a retirement home, carefully assess your requirements and enjoy the best years of your life.

Plenty to choose from

Pick from the wide choice of retirement homes mushrooming across India

Amritsar

• Impact Senior Living

Bengaluru

• Athashree (White field)
• Avanti Legacy Gritz Horizon
• Concorde Mist Valley
• Prabuddhalaya
• Shriram Senior Living
• Vakil Housing/ Panchvati
• AVI Vintage Homes

Bhiwadi

• Ashiana Utsav
• Active Senior Lifestyle Township

Bhopal

• The Nest

Chennai

• Dignity Village
• Kudumbum
• Srimathi Sundaravalli
• Serene Covai Properties

Coimbatore

• Brindavan Hill View
• RakIndo Senior Living
• Aarogya Kudumbam
• Melur Meadow
• Serene Covai Properties

Goa

• Bougainvilla hermitage
• Golden Retreat
• Utopia

Hyderabad

• Saket Pranam
• Serene Covai Properties

Karnal

• Active Senior Lifestyle Township

Kochi

• Riverdale
• Verandah Gardens

Kodaikanal

• Anandam, Bahri Beautiful Country

Kolk ata

• Godhuli
• Rosedale Garden

Mathura

• Active Senior Lifestyle Township

Mumbai

• Dignity Lifestyle

Mysore

• Evergreen Villas
• Serene Covai Properties

Nagpur

• Athiti

Noida/Greater Noida

• Logix Blossom Greens

Pondicherry

• Serene Covai Properties

Pune

• Athashri
• Golden Nest
• Blue Ridge

Rishikesh

• Active Senior Lifestyle Township

Trichy

• Ponni Delta

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