NEW DELHI (Financial Express), August 7, 2005:
Forget old-age homes with depressing rooms, peeling wall paint, unimaginative food and curfew on going out. Retired professionals who have no family to lean back on but enough financial resources have another option: moving into swank, upscale independent units/apartments with modern amenities.
The demand for retirement complexes/ resorts also stems from the empty nest syndrome – retired professionals don’t like to stay alone in their sunset years. Given the rising crime rate against the aged, it is also sometimes dangerous to stay alone.
A HelpAge India estimate says the number of elderly people in India, pegged at 70 million now, is likely to go up to 117 million by 2025. It’s only natural that most of the existing old age homes will prove inadequate by then.
In India, the concept of retirement complexes/apartments may be new but it is catching on. About an hour’s drive from Delhi-Gurgaon border, Ashiana Housing has a first of its kind retirement complex targeted at the middle-and-upper income group. These are priced between Rs 9 and Rs 20 lakh (depending on what you choose from the 1/2/3 bedroom apartments available).
Out of the 640 units, “410 units have been sold and by October 2006 the first lot of apartments will be ready to move in,” says Ankur Gupta, owner, Ashiana Housing. Among the many features the complex offers are a 4.5 acre park, a dhaba, a convenient shopping area, doctors on call, maid and driver on demand and bathrooms with grab rails.
Classic Kudumbam, with a built-up area of 50,000 sq ft near Sholinganallur (near Chennai), is one of the most luxurious retirement home complexes in India. You have to make an initial deposit of Rs 10 lakh (this after being screened through a painstaking process), of which Rs 2 lakh is non-refundable.
Of the 49 independent units planned, 26 apartments are ready to move in. From a swimming pool and a massage parlour to physiotherapy (on alternate days) and an hour of internet weekly, Classic has it all. Rooms are available on a twin-sharing basis; they are air-conditioned and have a TV set, fridge and a telephone.
Says Rajesh Shankar, director, Classic Kudumbam, “We also have an open-air theatre where we play films on weekends; the nearest hospital and medical services are 2 km away. There’s ample scope for interaction: we organise moonlit dinners, every full moon.” Coming up next, dependent living units (where you can live with a dependent), and assistant living units (for the physically infirm).
Wellness Communes is giving finishing touches to its retirement complex near Chennai. Single bedroom homes cost Rs 6.75 lakh, double bedroom homes are for Rs 8.75 lakh. There is an additional charge of Rs 1,100 for maintenance and security. SCR has a cluster of cottages along East Coast Road Chennai. A 200 sq ft unit could cost around Rs 1 lakh. The Naya Jyoti in Chennai is a 42 unit outfit with an independent kitchen, a community hall and a library and would be ready to move in by the year-end.
Naya Jyoti’s Noida (near Delhi) outfit counts 24-hour medical help, a bookshop, a bank and a post office among its facilities. Apartments cost between Rs 6.5 and Rs 10 lakh and there is a security and maintenance fee of Rs 3,100.
Amar Nensey’s Bhairavi, built around the Eagleton Golf Course, Bangalore, and expected to be ready by end-2005, is owned by Royal Palms Lifecare (which plans to open similar units in Mumbai, Hyderabad and Kerala). There is a mini recreation club, a hospital and access to the 18-hole Eagleton Golf Course.
Apartments cost Rs 12 lakh onwards. Housed in Basavangudi near Bangalore is a retirement complex owned by H N Reddy, a former member of Bangalore Development Authority. After an initial deposit of Rs 1 lakh, and a Rs 7,000 monthly charge, you can avail of the services of a full-time cook, vegetarian meals, and have a doctor on call for your four-bedroom apartment which houses a TV and a PC.
LIC Care Homes have plans of a model retirement village for the financially sound. The first of these complexes should be ready by 2005 in Bangalore. Bungalows/apartments cost Rs 4.98-8.98 lakh and are self-contained units with a central kitchen, low-jerk elevators, wheel-chair enabled bathrooms. The best part: the leased property can be passed on to a nominee on the death of the resident.
Sharan in Navi Mumbai has an interest-free deposit scheme, most modern amenities from independent living quarters, doctors on call and has a monthly charge of Rs 6,000-10,000.
However, it’s important to keep in mind certain factors before actually moving in. Figure out what the initial deposit (how much is actually refundable) and the total cost of the apartment/ home that you want to buy.
Find out how many of the facilities mentioned — such as medical services and laundry – are available at the time of moving in. Also clear the basic difference between an independent living arrangement and an assisted living arrangement before choosing.
By Somashukla Sinha Walunjkar
http://www.financialexpress.com
August 7, 2005
INDIA: Demand Rising for Old Age Homes With Conveniences
NEW DELHI (Financial Express), August 7, 2005:
Forget old-age homes with depressing rooms, peeling wall paint, unimaginative food and curfew on going out. Retired professionals who have no family to lean back on but enough financial resources have another option: moving into swank, upscale independent units/apartments with modern amenities.
The demand for retirement complexes/ resorts also stems from the empty nest syndrome – retired professionals don’t like to stay alone in their sunset years. Given the rising crime rate against the aged, it is also sometimes dangerous to stay alone.
A HelpAge India estimate says the number of elderly people in India, pegged at 70 million now, is likely to go up to 117 million by 2025. It’s only natural that most of the existing old age homes will prove inadequate by then.
In India, the concept of retirement complexes/apartments may be new but it is catching on. About an hour’s drive from Delhi-Gurgaon border, Ashiana Housing has a first of its kind retirement complex targeted at the middle-and-upper income group. These are priced between Rs 9 and Rs 20 lakh (depending on what you choose from the 1/2/3 bedroom apartments available).
Out of the 640 units, “410 units have been sold and by October 2006 the first lot of apartments will be ready to move in,” says Ankur Gupta, owner, Ashiana Housing. Among the many features the complex offers are a 4.5 acre park, a dhaba, a convenient shopping area, doctors on call, maid and driver on demand and bathrooms with grab rails.
Classic Kudumbam, with a built-up area of 50,000 sq ft near Sholinganallur (near Chennai), is one of the most luxurious retirement home complexes in India. You have to make an initial deposit of Rs 10 lakh (this after being screened through a painstaking process), of which Rs 2 lakh is non-refundable.
Of the 49 independent units planned, 26 apartments are ready to move in. From a swimming pool and a massage parlour to physiotherapy (on alternate days) and an hour of internet weekly, Classic has it all. Rooms are available on a twin-sharing basis; they are air-conditioned and have a TV set, fridge and a telephone.
Says Rajesh Shankar, director, Classic Kudumbam, “We also have an open-air theatre where we play films on weekends; the nearest hospital and medical services are 2 km away. There’s ample scope for interaction: we organise moonlit dinners, every full moon.” Coming up next, dependent living units (where you can live with a dependent), and assistant living units (for the physically infirm).
Wellness Communes is giving finishing touches to its retirement complex near Chennai. Single bedroom homes cost Rs 6.75 lakh, double bedroom homes are for Rs 8.75 lakh. There is an additional charge of Rs 1,100 for maintenance and security. SCR has a cluster of cottages along East Coast Road Chennai. A 200 sq ft unit could cost around Rs 1 lakh. The Naya Jyoti in Chennai is a 42 unit outfit with an independent kitchen, a community hall and a library and would be ready to move in by the year-end.
Naya Jyoti’s Noida (near Delhi) outfit counts 24-hour medical help, a bookshop, a bank and a post office among its facilities. Apartments cost between Rs 6.5 and Rs 10 lakh and there is a security and maintenance fee of Rs 3,100.
Amar Nensey’s Bhairavi, built around the Eagleton Golf Course, Bangalore, and expected to be ready by end-2005, is owned by Royal Palms Lifecare (which plans to open similar units in Mumbai, Hyderabad and Kerala). There is a mini recreation club, a hospital and access to the 18-hole Eagleton Golf Course.
Apartments cost Rs 12 lakh onwards. Housed in Basavangudi near Bangalore is a retirement complex owned by H N Reddy, a former member of Bangalore Development Authority. After an initial deposit of Rs 1 lakh, and a Rs 7,000 monthly charge, you can avail of the services of a full-time cook, vegetarian meals, and have a doctor on call for your four-bedroom apartment which houses a TV and a PC.
LIC Care Homes have plans of a model retirement village for the financially sound. The first of these complexes should be ready by 2005 in Bangalore. Bungalows/apartments cost Rs 4.98-8.98 lakh and are self-contained units with a central kitchen, low-jerk elevators, wheel-chair enabled bathrooms. The best part: the leased property can be passed on to a nominee on the death of the resident.
Sharan in Navi Mumbai has an interest-free deposit scheme, most modern amenities from independent living quarters, doctors on call and has a monthly charge of Rs 6,000-10,000.
However, it’s important to keep in mind certain factors before actually moving in. Figure out what the initial deposit (how much is actually refundable) and the total cost of the apartment/ home that you want to buy.
Find out how many of the facilities mentioned — such as medical services and laundry – are available at the time of moving in. Also clear the basic difference between an independent living arrangement and an assisted living arrangement before choosing.
By Somashukla Sinha Walunjkar
http://www.financialexpress.com
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