For many senior citizens in the city, plush retirement communities are nothing short of perfect. Such communities gaining in popularity.
When Asha Chavan announced to her family about her plans to shift out of the house, everybody was in a state of shock. Matters like her safety and security crossed the minds of her family members, which was natural considering that Asha is in her 60s. She decided to move to a retirement community near Whitefield. Aging in the city is definitely not the same old story.
“The decision was not taken out of any frustration. My son and daughter-in-law were taking good care of me. It is just that I felt I should stay in a surrounding where there are people of my age group. And believe me, life is better than what I had expected,” said Asha, adding that she visits her son regularly.
The city’s IT boom is gaining in strength every passing year, and so are the elderly. Gone are the days when they would depend on their children for taking care of their old-age problems. With better medical facilities coming up in the city, life expectancy of the elderly has also increased. Almost 9% of Bangalore’s population is above 60 years of age and the market size for retirement communities is estimated to grow by Rs2,000 crore next year.
Builders in the city are cashing in on the opportunity. Several retirement communities are coming up in areas like Whitefield, Yelahanka, Tumkur and Devanahalli. Says T Ranganathan, director, Paranjape Schemes Construction Ltd: "The concept of retirement communities was introduced in India a couple of years back. Cities like Pune and Coimbatore are already huge markets and we are seeing similar demand in Bangalore as well. However, the market size is yet to reach its full potential.”
“My son got transferred to Europe recently,” said Lakshmi Nayaranan, who has booked a flat in one such community in Devanahalli. “Although he did suggest I go along with them, I chose not to. I am too old to start from scratch and adjusting to an entirely new way of life would be hard,” she added. Like Lakshmi, many elderly across the country are apprehensive about leaving behind a secure and close-knit social life for one overseas. For them, the plush retirement communities cropping up are nothing short of perfect.
Family structure
While this trend has been slow to pick up in Bangalore, experts put it down to family structures varying vastly across the country. “In the South, there is still a strong sense of family,” says KS Girish, local director, Jones Lang Laselle (JLLS), a global real estate service firm. “Elders are still an important part of most social and religious functions, as a result of which they think twice before settling down in a senior citizens community.”
A roaring success in Coimbatore, the concept—although not a new one in Bangalore—has picked up steam off late.
Coming from a fairly affluent family, Geetha Nanjappa could easily live at home with all the creature comforts around her. But she chose to invest in a duplex apartment at a retirement community.
“I'm happy here. I have a lot of new friends, like-minded people my age. I can go for long walks and breathe in fresh air. I still visit my children in the city most weekends,” she says.
Surely, the aged in the city do not mind retiring stylish.
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