Retirement housing is catching up in India. Most of the senior living projects are positioned in the affordable segment, bearing in mind the fact that the end consumers are senior citizens with limited resources and no sources of regular source of income.
It is believed by 2025, there will be 173 million seniors worldwide compared to the 76 million now. The current estimated demand for senior housing in India is approximately 300,000 units.
Retirement living solutions usually fall under three broad categories — independent living (for senior citizens who are reasonably healthy and can manage on their own), assisted living (for those who require physical or medical help) and palliative care (for those with debilitating illnesses).
A few precautions and checks before you decide on your retirement living option will facilitate a smooth run in the future. Don’t look at your retirement home purely from an investment perspective. You are choosing a different lifestyle, so be prepared to pay some premium for the various senior-friendly features in the community and in your house.
Retirement homes, a popular concept in the West, is beginning to find a market in India. Changing social dimensions , fading joint families and financial independence are some factors that are contributing to the trend. It offers independence, community and security.