Senior citizen homes finally come of age

Almost 40 years of an active work life just flew by and I was not prepared but thankful for the pension and ancestral home,” says Prakash Anbumani, a sexagenarian settled in Chennai. Retirement can be a difficult phase for many especially if finances and settlement go unplanned. What is that you really need when you retire?

A home of one’s own

Nothing equals the feeling of independence. Freedom to move around the house, to organize cookery, cutlery, artifacts, furnishing according to one’s own wish is a desire for many. “At 60, I wouldn’t want to be dictated and therefore I feel a home of your own is a security for so many reasons. All your life you as a mother or a father have been making rules and all of a sudden when you have to dependent upon your children, it can be difficult,” says Kavita Krishnamurthy, a retired teacher.

“It is not to say that your children will mistreat you when you retire. That depends on your upbringing but it is a very delightful feeling if you have your own home to welcome your children when they come with their families,” smiles Rajan Balachandran, a senior official in the banking sector. “It is very competitive today. When children visit us they are looking for that long awaited break from work and we do not want to add to their responsibilities,” says Rajan’s wife who runs a dance academy in the city.

Ruth Jaykrishnan is a software professional. At 35, she is keen on securing her future. “SIPs, FDs, stocks and shares keep happening but my husband and I are very clear that we need two houses by the time we retire. One to live in and the other to earn good rental returns from. At least that way there will be some constant inflow of cash,” chuckles Ruth.

A home of one’s own is a security you cannot ignore. Prospective home buyers today start young. “A 1 or 2BHK is a good start. Buyers as young as 27 are investing small but steadily and in most places these make for good, dependable returns also,” says Ammal Rajan, a broker with Chennai Homes. However, trends indicate that even the 40-somethings are planning on retirement homes. “It is a good time to plan your retirement soon after you touch 45 because you are eligible for loans, you know which city suits you, your lifestyle is more or less predictable too,” says Gautham Krishna, a businessman.

The idea of senior citizen homes is also catching up these days where needs of the older generation is taken care of. Although it will take some time before the idea becomes the norm, it is being talked about.

“Although the idea is very comforting and indeed relevant, living with a complete family teeming with kids, grandkids and close relations is dominant in India. Therefore, opting for senior citizen homes is a concept that will come up gradually” says Kanthi Prakash from Anna Nagar.

Many are warming up to the idea, though. For them, such homes take care of everyday needs like medical attention to daily conveniences. They are looking for security, medical care, access to transport because they may be disabled, there is an emotional vacuum and hence need for social networking, domestic support and maintenance.

“As a senior citizen aged about 68 years and having seen three senior citizens facilities one in Bengaluru and a couple in Mysore I feel that most senior citizen homes cater to the high end groups of the society. Seniors require something that is a little less expensive,” says TN Srinivasan, a local resident.

Source Sneha Sharon Mammen, Times Property, Magicbricks Bureau/ Chennai