Though this concept of specially designed homes for the elderly is a new one in India, it is catching up rapidly. The main reason is the increasingly aging population who has the resources to afford homes and nursing care of their own. Another reason is the ever-increasing NRI diaspora, who have migrated to foreign countries for better opportunities, leaving behind their aging parents. Better health care, increased longevity, reduced security and space limitations have made alternate homes for the aged a necessity. In both these cases, it is more a practical lifestyle situation, whereby; the elderly can afford to live in such homes with full service care. More and more people are now retiring with some additional money to spare.

Several developers have taken advantage of this market to provide such projects in places like Mumbai, Bangalore, Gurgaon and Pune. Royal Palms Life Care Retirement Lifestyles projects have villages with specially designed apartments - wider doors to allow wheelchair access, shower chairs in bathrooms - with round-the-clock medical services, common dining halls and recreational facilities. The initial projects are designed for the upper middle class clientele, but more such facilities are being aimed for the middle class people as the market and concept grows. Several social foundations and trusts are also providing such special care homes for the elderly in places like Navi Mumbai and Coimbatore, making it more affordable. The Royal Palms projects in Mumbai are priced at Rs. 18 lakhs for a 700 sq. ft. apartment along with a Rs. 3000 per month maintenance, while Navi Mumbai have the same for Rs. 4 to 7 lakhs with Rs. 5000 as monthly maintenance charges. LIC Housing Finance has a project in Panvel of 100 individual cottages with central facilities costing Rs. 2 lakhs with Rs. 3000 as maintenance per month. Pune has the Athashree project by Paranjpe just completed for senior citizens.

India’s senior citizens now number 7.7 crore and they need emotional security, companionship, health care and personal security. Retirement homes are the best options. Urbanisation and breakdown of the joint family tradition in India’s younger population is causing this change to occur, whereby parents become more a liability and a burden to their children’s lifestyle; very similar to western countries. The potential market for such retirement homes is very large. And the quality of care will definitely improve as the market grows and spreads all over India. But this concept has to become more acceptable before it creates a large impact on the real estate market. Meanwhile, the old are getting older. Now, they have a chance to live with pride and dignity, with the corporate sector and social agencies, coming in with options like retirement homes and managed healthcare. So the real estate sector has another niche target market to expand into.