Retirement homes in India

There has been a growing market for retirement homes in India in recent years. With an increasing number of older adults living independently, this trend is likely to continue.
According to a recent Associated Press story, these new retirement communities are so far available only for the affluent.

The buy-in prices of $75,000 to $125,000 rule out the vast majority of the population, although with the economy growing every year, developers are betting the market will increase.
A PBS Nightly Business Report story from 2006 described the expenses for people renting at these facilities.
Living in retirement homes doesn't come cheap. Each resident pays a fee of up to $450 U.S. per month, a princely sum in a country where the average worker earns $120 U.S. a month. But there is no denying the demand. The Indian government has yet to work out a plan to deal with the country`s aging citizens, but the private sector has recognized the growing demand for retirement homes.
An article from India Abroad explains the contractual agreement for purchasing retirement homes.
You can either buy a house outright or pay a deposit and a rent for the rest of your life. The deposit will revert to your children as part of your estate.
But, if you choose to buy a house, then it cannot revert to your children, as most of these colonies don't accept people under 55 years of age. Nor is anyone allowed to buy a house as an investment. However, [some] builders offer a buyback scheme for these homes after the demise of the resident couple. This is part of the original sale agreement with a built-in price escalation.
Many of these places cater to retirees whose children live outside India. In recent years, I have known several older Indian immigrants from the US and UK who purchased villas and apartments in India. Some of them have already transferred their residence to India, and some others treat these much like vacation homes, with yearly trips for extended stays in India. According to the India Abroad article, this is indeed the intended target for builders of retirement homes.

Developers are also looking at a big non-resident Indian retirement market and building homes for the high-income couples working abroad in the US, Canada, Europe and even the Middle East who will retire in the next 3 to 5 years.
[This] is a big opportunity. There are couples working abroad who would want to spend 3 to 6 months in a year in India. Retirement homes could target them as well.

Links to some prominent retirement communities and developers in India:


Related posts:

14 comments:

Sathya@teamvjobs.com said...

Hi there is another excellent place called Melur Meadows Retirement Village coming up which is a world class facility with assisted living as well as other therapeutic facilities.
http://www.melurmeadows.com

Anonymous said...

C'mon, it is a place with no water, less rainfall and terrible weather - didn't you find any better place?

Anonymous said...

Oh yes, the above comment is for Sathya@teamvjobs.com.www.melrmeadows.com is lovely, but oops, I don't think it is a place to settle. There is a famous temple, but then nothing more.I belong to Annur,a place closeby.

Sathya@teamvjobs.com said...

I cant take away your opinion. However doing it anonymously doesnt speak very well.

Secondly living anywhere is a personal choice. Even the arctic has old people living as long if not much longer than those in the cities.

There are very few places in India you will find the clean green that you find on the Annur Mettupalayam road.

Climate wise it is dry and warm or hot (if you call 30 to 34 as hot). Most older people prefer such a climate as all they require is a fan and it becomes quite comfortable. For your information Bangalore the mecca of the retired is not a choice for more than 6 months in a year. That is why coimbatore is emerging as a paradise for pensioners

The site already has more than 65 grown neem trees and has been planted with more than 400 hundred other trees.

Water is or will be an issue in most parts of the world. There is enough water to run a village with good water management.

As for activities, the village will have all the activities. Games, swimming, hot tubs, library If people want they just take the daily shuttle to the city (cant think many want to go to cities other than some shopping). You dont go to such places to paint the town red.

By the bye following are the nearby places to visit.
Ooty, Kotagiri, Coonoor are less than 50 KM or just an hour or more drive.
Then Tirupathi 6 KM
Bannari Amman - 45 KM
Karamadai - 10 KM.
If you have kids, Black Thunder water park is just 14 Km.

Most of the applicants to the village are younger people wanting some respite from the rat race and the city

Rohini and Shekar said...

For people near Bangalore/Mysore, the brand new "Evergreen Villas" in Mysore, built in collaboration with Kingsford Properties,Australia, promises to give a resort-styled luxury living for the peopleover 55. Retired couples can have their own independant villa and lead a tension-free life without having to think about cleaning, cooking, laundry,etc... The energetic ones can enjoy the swimming pool, gym facilities. The more tranquil ones can use the excellent library, meditation room facilities. Visit the website at http://www.evergreenvillas.in

sunmeena said...

Dear Anonymous

Please let me know of similar or better alternatives in/around Coimbatore and Annur for retirement living...

Regards

Sundar

retirementlife said...

sunmeena may visit site www.aarogyakudumbam.org a retirement home at coimbatore

Arun said...

Ponni Delta - Senior Living Community"
This is a high class gated retirement community coming up on the banks of river Cauvery, Srirangam, Trichy. The location is very peaceful. www.ponnidelta.com

Ramu said...

All senior citizens homes are full sooner or later.

Coimbatore has emerged as a major destination for medical tourism. Its vibrant temple culture, hill spots and courteous people adds to its charm. For those with preference for moderate tropical climate, rainfall and cool winter evenings Coimbatore offers the right balance. Melur Meadows certainly provides all these advantages. Value adds are as stated in their website. I have personally seen the progress being made.

The additional commercial value in Melur Meadows is in ownership and a long term opportunity for both value appreciation and to rent. A Studio Cottage accn be owned at USD 20,000.

Major Sathya said...

Dear Ramu
Thank you for your post. Yes, sad though it is, most senior citizen homes get full sooner or later.
Melur Meadows is live and operational with tenants living there for the past 6 months.

Unlike most homes it is more cosmopolitian and not based on any community or caste groups.

venkatesh said...

Sukhanjali Senior Care/Retirement community (http://www.nehaestates.com) features a beautiful campus ideally located in the outskirts suburbs of North Bangalore close to the location of the new Airport.

Built on a farmland, Sukhanjali, Senior Care provides a rustic setting devoid of city noise and traffic. A self-contained community, Sukhanjali, Senior Care offers a variety of services, ameneties, social activities & care that help seniors enjoy a rich and full life.

Our standard services include 24 X 7 security, daily house keeping, backup power & full dining service.


Sukhanjali Senior care offers both single and double bed fully furnished suites. All of these suites come with the following amenities:

Boundary wall
24x7 Electricity & water
Back up power generator
Manned Security
Cable TV
Intercom
Furnished Suites-Beds, mattresses,storage cupboards
Wheel chair
Physically disabled toilet fixtures
Wi-fi broadband for internet
Solar water heaters
Rain water harvesting
Tree lined Avenue and outdoor seating
Golf putting

Contact sales@nehaestates.com or call India Sales:

Tel: (91) 9740173180

Adult Day Care said...

Thanx for keeping family members up-to-date with the retirement communities, its very informative blog

especially for people who may be considering a retirement community, for themselves or a loved one.

Venkatesh said...

Hello all:

Here is another senior care/retirement community for Indians in Bangalore:

Sukhanjali Estates is located in the outskirts of North Bangalore close to the location of the new Airport and is built to world class standards in senior care.

They offer both independent and assisted living.

http://www.sukhanjaliestates.com

You can contact them at sales@sukhanjaliestates.com

USA Sales:
Tel: (917) 209-9693

India Sales:
Tel: (91) (974) 0173180

Nigel said...

Please see my post here about sending in information about retirement homes in India for posting on this site. Since I am getting a lot of spam comments on this topic, I am turning off further comments for this post.