Our country has gone through Agriculture, Industrial, IT & Telecom revolutions and now we are amidst Real estate revolution. Real estate has touched all aspects of human living and Retirement living residences for seniors is the latest in their bouquet of offerings. Unlike the other segments of real estate this is not about the size and dimensions of a flat or villa but the senior care services which is in offering and would stay throughout one’s life cycle.
As rightly said by one of my senior acquaintance that this is the last purchase they do with lot of sadness, unlike the joy of first home purchase with uncertainties at the start of their career. Hence the seniors are careful and do lot of groundwork before they invest on this set up. The credibility of having managed senior care services becomes the primary criteria in decision making process of seniors or their care givers while investing on retirement living homes.
Having said that , Senior care and retirement living homes have been around for sometime now across various locations in India with Coimbatore being the retirement capital. The Senior living segment requires a awareness drive to highlight the good work being done in the industry. These retirement living homes are often mistaken as old age homes or place for the neglected. Hence the need to explain the positives of retirement living becomes all the more important to remove the misconception.
Retirement living homes are places which allow people in the late 50’s & above to slow down from hectic lifestyle and start enjoying life, pick up hobbies , socialise with like minded people or just sit back and connect with nature. It frees you from all the traffic , pollution and the clutters of city life and provides security, medical care , food and above all companionship and bonding to overcome loneliness. It allows one to be independent yet under supervision for timely assistance.
Retirement living or Senior housing worldwide comes in three formats ie. Small format cover 1-4 acres, Mid scale format cover 5-10 acres and large scale format cover 11-60 acres. The flats or villas housed in these formats are available for Lease, rental or sale . And the retirement living facilities are further categorised to facilitate Independent living, Assisted living, or continuous care living.
Independent living retirement homes gives the senior residents the freedom to take care of themselves and access housekeeping, food & medical care as and when required. Assisted and continuous care living as name suggests will have the geriatric care giver around to assist the residents to overcome weakness & medical concerns.
A retirement homes are usually 1 or 2 BHK small dwelling units constructed senior friendly with anti skid floor, broad doors , grab bars to name a few with large common areas , inhouse health care, food and housekeeping support. Renowned builders follow ADA standards for wheel chair access , bathroom fittings and AIA standards of designing for the dwelling units to ensure that they are in line with the prescribed International standards for senior living residences.
The retirement homes can be apartments or independent villas with geriatric amenities either set up independently or part of larger community or township.
The present generations in the age group of 40s are aware of the responsibilities to take care of their parents and also know for sure that their children wouldn’t be around to support when they age. The competitive world and hectic lifestyle will keep them away from each other. It is this age band of people who understand the need of retirement home and are going to step up the demand. Quite a few builders have stepped in to work on this segment and the next 10 years would show considerable growth and is here to stay .
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