Moving to the foothills in the autumn years

Two years after their only son secured his green card in the US, 73-year-old Ashok Mehta and his wife Asha, 66, sold off their flat in Chembur and moved into a bungalow at Neral. The bungalow is part of an exclusive township for senior citizens at the foothills of Matheran.

“We have all the modern amenities and facilities we need at our age, and we are in good company of other seniors who are staying here by choice and not compulsion. After working hard all our lives, this is a good way to live a retired life,” says Mehta who shifted with his wife in January.

Another exclusive township for senior citizens has shaped up in Baner-Pune. Athashri, the project of Paranjape Schemes, has completed three exclusive retirement conclaves and plans are afoot to expand in Bangalore.

“Far from being old-age homes, these are specially-designed abodes for well-to-do senior citizens, with every conceivable amenity on offer,” says a spokesperson of Paranjape Group. From swimming pool, recreation club and housekeeping services to round-the-clock security, shuttle bus and travel services, every aspect of an elderly’s life is catered to.

A recent report by realty advisory firm Jones Lang LaSalle Meghraj (JLLM) shows that the emergence of such exclusive townships for senior citizens is a new trend in the real estate sector. And going by the good response, it’s set to become a whole new segment.

The status of seniors in the Indian market is experiencing a sea change, owing to their growing cohort size, augmented financial independence and change in mindset. They are no longer considered withdrawn, risk-averse and financially dependent. The immense potential of this segment, with its unique needs and promises, offers an array of opportunities to the Indian real estate market, the report says.

“Till a few years ago, there were only a handful of developers focusing on senior living sector. Today, there are around 14 developers actively exploring this segment,” says B Sridhar, associate director, strategic consulting (senior living) at JLLM.

Far from being low-cost options associated with old-age homes, these new-age homes come with a price tag to match — from apartments priced upwards of Rs75 lakh to independent bungalows priced upwards of Rs3 crore. There are also some low-cost options, such as the Dignity Homes township in Mangaon, where accommodation is available for less than Rs10 lakh.

Statistically speaking, in India, more than 60% of households are nuclear and 8.94% of the population is aged 60-plus. Not surprisingly, the number of housing units being built specifically for seniors has increased sharply. “These contemporary conclaves or retirement resorts have replaced old-age homes, which symbolised the last option for needy and abandoned elderly,” says Sridhar.