Because of India's increasingly ageing population, the introduction of senior living facilities has become a key trend in the country's real estate sector. Old care facilities, which are popular in the United States and Europe, are becoming increasingly popular in India. These facilities allow the elderly to live an independent and secure lifestyle. Housing for Senior living is predicted to become an important residential asset class in India during the next three decades, owing to the country's fast growing elderly population.

In India's southern cities, elder living programs have come to the top of the priority list, accounting for 70% of all such initiatives in the country. The bulk of senior living projects in India are concentrated in the southern region, with Bengaluru, Chennai, Kochi, and Coimbatore at the forefront, followed by the western and northern regions. Property developers have begun to address this requirement by either developing independent senior living communities or building specialized towers with appropriate amenities for elderly persons as part of a larger group housing development.

Since its inception roughly 15 years ago, senior housing in India has seen rapid expansion. More than 5,000 new houses are being developed in 20 new projects across the country, with 3,600 dwellings already inhabited. In addition to Pune's Paranjape Group, Bangalore's Mantri Group and Ashiana Housing in Delhi-NCR, Max Group and Tata Housing have also started projects in Dehradun and Bengaluru.

Although leasing is an option, the majority of clients choose to purchase. In the NCR, prices range from INR 23 lacs for a one-bedroom unit to INR 58 lacs for a three-bedroom unit; in Pune, prices range from INR 25 lacs to INR 59 lacs; in Bengaluru, prices range from INR 39 lacs to INR 90 lacs; in Chennai, prices range from INR 30 lacs to INR 70 lacs; and in Coimbatore, prices range from INR 25 lacs to INR 1.18 crore. Lavasa is also offering senior houses with prices ranging from INR 45 lacs to INR 1.45 crore.

How to select a senior living development?

Choosing a senior living facility is based on where it is, what the weather is like, how well the facilities work, and how well the builder is known. You should think about these things before you choose any senior housing project in India. Whether you want a comfortable retirement home or a luxurious apartment for senior citizens, these things should be considered.

• Choosing the right location

The majority of senior housing complexes are located far from the city center. The goal is to provide an atmosphere free of noise and pollution for the elderly. As long as road access is available and the institution can provide speedy transit in case of an emergency, the location is ideal.

• Weather check

People should always move to a place where the weather is mild. Try not to go to places where the temperature is very high or the weather is very bad. Avoid areas near the coast and places like Delhi NCR, which can be very hot or very cold at any time of the year. There are places that have mild weather all year, like Pune, Bangalore etc.

• Appropriate healthcare facilities

Look for a facility that offers dependable medical care, such as access to a hospital, a pharmacy, and emergency medical services. If the institution does not provide access to a hospital, be sure that a reputable hospital is reasonably accessible from the facility.

• Necessary amenities

You should check for ramps, elevators, etc. It should have laundry and food services. Provision of fundamental services such as 24 hour water and electricity, hygiene, indoor and outdoor recreation, security, housekeeping, single window services, transportation, yoga and fitness, caregiving, etc. Medical, safety and security services such as 24 hour ambulance service, mandatory emergency connection with hospitals and pharmacies, medical emergency room, regular resident medical check-ups, emergency alarm systems, trained and skilled security personnel and CCTV cameras in common areas. Retirement homes must be disabled-friendly. Lifts, signage, and signaling systems are required.

• Builder's Goodwill

Examine the builder's reputation. The land policy that was employed in order to acquire the property. If the facility has been approved by the DTCP. If the institution follows the CHS guidelines. Check the RERA registration of the property. Always read the fine print in all documents related to retirement homes. These programs have numerous advantages, but they come at a significant monthly cost. Rather than concentrating on luxury and high-end fittings, make sure the project has all necessary amenities. When purchasing a home, do the calculations. The service rates will rise every year. Remember that you'll be living off your savings, so it's advisable to be wise with your spending.

It's also important to conduct some reference checks. Always go with a company that has worked on senior citizen projects before. Find out if the service provider specializes in geriatric care. Survey residents at the company's other senior living projects. Determine whether the developer is in it for the long run or just for the money. Many developers label their projects as senior living apartments when they are essentially ordinary units in underserved areas. An alternative would be to rent for a period of time before purchasing. By this way, you can assess the builder's claims and, if necessary, cancel the project.

Ways to buy a senior living accommodation

• Outright Transaction

Buyers aged above 50 or 55 years old can purchase properties in retirement communities on a Square-Ft basis. The apartment complex is well-maintained, and monthly services are available. The apartment may be purchased by a son or daughter under the age of 50, but only a senior citizen is allowed to reside there permanently.

• Deposit and Payback

An advance payment equal to a proportion of 60 to 70 percent of the unit's sale price is assessed based on the unit's size. Charges for food, electricity, and water are assessed on actuals. The deposit charges are repaid to the successor with certain deductions at the time of death or lease termination.

• On Lease

A minimal deposit is required when the unit is handed over to the customer. Monthly rent is charged on a recurring basis for the duration of the stay. The remaining services are compensated on an actual basis. The unit holder is exempt from property taxes.

Consequently, if you intend to eventually relocate to an independent senior living community, begin your research and preparations well in advance.