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Made for the silver years

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prasad1

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The steadily increasing demographic of the elderly has opened up major avenues in real estate. Adjudged the ‘sunrise sector’ of realty, senior living facilities are finding many enthusiastic takers today, writes Adarsh Narahari

India is witnessing a visible evolution in the way retirement years are spent. There was a time when retirement was considered a time for creating beautiful memories with children and grandchildren.

But today’s 60’s generation is independent, financially stable, has travelled the globe and is on the quest to rediscover the joys of life. The new-age seniors are socially well-connected and are more enthusiastic to revisit their lost passions and interests.

This has resulted in an increasing number of elders exploring senior living communities to spend their retirement years.

It is estimated that there will be more than 240 million people in their late 50’s by 2050, making it the fastest growing demographic in the world. The concept of senior living communities is quite popular in the western countries, but in India, the sector is still at the cusp of an epic beginning.

Thanks to the popularity of nuclear families, many seniors in cities wish to lead an independent life, sans the hassle of maintaining a typical home and depending on unreliable domestic help.

There will be a substantial increase in the demand for senior living communities in the country by 2025, though at present the market size is pretty small. Globally, senior living is a $ 25-billion industry and the US alone has 2,000 senior living projects.
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The operating expenditures that is likely to be incurred for regular senior living facility will range anywhere between Rs 15,000-25,000 per month. The luxury level, though cost intensive, is an ideal option for those looking at cherishing their retirement years.

The investment cost will vary from Rs 35,000 - 45000 per month per couple. Most of the senior living facilities are available on long-term lease model.

This will require an initial deposit of Rs 25 - 30 lakhs, followed by the aforementioned monthly expenses, which will be inclusive of food, security, common utilities, engagements, activities, preventive wellness, common transport, basic medical and unit level utilities.

The decision to live in such facilities still faces the initial hiccup of social stigma. Senior living community is often confused with old-age homes, which spells destitution and abandonment in the Indian society.


http://www.deccanherald.com/content/484317/made-silver-years.html
 
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