Rich seniors go for posh retirement apartments

Some complexes boast of facilities like library, gym, sports room and jacuzzi

Two years after retiring from a multinational firm in Delhi, Krishnanand Jha, has given up on his long-time dream of moving back to his village in Bihar.

At 63 years of age and with a 59-year-old wife Suneeta to care for, he has now decided to invest in a project that is specifically meant for senior citizens, and  comes with round-the-clock medical care.

His wife likes it here, he says. “Both our daughters are married in Delhi.”
To get used to the idea of living in a housing complex made for independent elderly life, he first rented out a flat at a retirement home in Bhiwadi, 25 km from Gurgaon, for Rs 5,000.

Now he plans to put in the Rs 25 lakh security deposit to ensure that he can live there as long as he wants. “My wife underwent surgery recently. Living here means you have easy access to all the medical amenities,” he says.

“Another thing is that we can meet our daughters once a week. That would not have been possible otherwise.”

For a growing number of financially independent people approaching the age of retirement, a retirement home is no longer a dirty, daunting word.

It is just a phrase that means a fresh start where you can continue to live a life of comfort in the company of peers.

Builders, as ever, are quick to push the idea whose time has come in India, announcing luxurious community lifestyle for senior citizens.

The Golden Estate, a one-acre housing complex in Faridabad for elderly living, claims it has sold 49 of its 69 flats within two years of its launch.

Charges include a one-time deposit between 22 lakh to 29 lakh, depending on the type of flat, and a monthly maintenance cost of Rs 18,150.

Luxuries abound
The maintenance fee includes housekeeping, laundry for bed linen and soft furnishings, monitoring of general health and preventive health check-ups by the in-house medical professionals, DTH TV connection, individual telephone line, morning newspaper delivered in each unit.

The complex boasts of facilities like library, lounges, cards room, indoor sports room, gym, physiotherapy, sauna, steam, jacuzzi, meditation, yoga and professionally organised events.

Unlike an ordinary housing project, this is meant only for people above 55. Residents get 75 per cent of their security deposit refunded when they leave, Deepti Negi, a marketing executive with The Golden Estate, says.

“We encourage our prospective residents to stay at the facility for a week at nominal charges so that they get a first-hand experience of living in here. This also gives people an opportunity to interact with our permanent residents and get an unbiased feedback from them,” Negi says.

Most of the buyers at such retirement homes have their children living abroad. But retired people like the Jhas, who have both their daughters living in Delhi, are also increasingly opting for this kind of life.

“We are planning to invest in a 2 BHK here. Our kids have peace of mind. But living far from them can’t make for a better post-retired life,” Jha says.

Their Ashiana Housing complex at Bhiwadi is a more affordable retirement community, spread over 8.5 acres. Most of the inhabitants of this “retirement village”, he says, are in contact with their families who visit them at intervals.