(Reuters) - The Athashri retirement community offers the over-55 crowd Western-style amenities such as a clubhouse, gym, library and pool but with a distinctly Indian twist: a temple on site where residents worship Ganesh, the elephant-headed god followed by many Hindus in Maharashtra state.
Retirement communities like this one are just beginning to gain traction in India, where the multi-generational "joint family" structure endures despite rampant modernisation. The concept of housing for the elderly still carries a social stigma in the country, which accounts for less than 1 percent of the $25 billion senior housing industry worldwide.
But rising incomes, longer life expectancy and the rise of nuclear families as more people relocate for jobs are driving demand for retirement homes in Asia's third-largest economy, and attracting developers and investors.
Paranjape Schemes Ltd, which manages Athashri, is among a handful of companies tapping the burgeoning senior living sector including Max India Ltd, backed by Goldman Sachs Group Inc, LIC Housing Finance Ltd, The Covai Group and Ashiana Housing Ltd.
Tata Housing Development Co Ltd, part of India's biggest conglomerate, launched its first senior housing project in May in the southern city of Bangalore, and plans at least four more, catering to independent retirees looking for better security and services than what is available in ordinary housing.
"A significant section of seniors today are independent, financially stable, well-travelled and socially connected, and as a result have a fairly good idea of how they want to spend time after retirement," said Brotin Banerjee, CEO, Tata Housing, which expects revenues of 950 million rupees ($16 million) from its 700 million rupee project investment over three years.
While India is much younger than Japan, China or the United States, the number of people over age 60 is expected to more than double to 173 million by 2025.
Real estate consultant Jones Lang LaSalle estimates current annual demand for senior homes across 135 Indian cities at 312,000, far outstripping supply of 10,000 to 15,000 new homes now in the pipeline.
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RPT-Retirement homes in vogue as Indians live longer and prosper
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Lets give them Dignity , Security , Love , Care & Smile.
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Hello,
I would like to share the following information with your readers. Last year we had great attendance and they are successfully on their way to building their communities.
Thank you, Bernice
PLEASE CIRCULATE:
7th Annual SENIOR COHOUSING FACILITATION WORKSHOP: AGING SUCCESSFULLY 2013
October 7-11, 2013 Nevada City Cohousing, Nevada City, CA
A workshop for anyone excited about taking a leadership role in creating a senior cohousing community.
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The workshop combines experiential learning through group discussion on the issues of aging and how to create a supportive community, along with the details and logistics of cohousing development – making it appropriate for a variety of individuals and interests including professionals in cohousing or senior living, policy leaders, builders, developers, community organizers or medical professionals.
We hope you will consider this unique opportunity (it only happens once a year). We believe that senior cohousing is our opportunity to create a better living environment for ourselves, our friends, our families and our society at large. Senior cohousing can offer a supportive living environment as a viable solution and a fraction of the cost of institutional living or the isolation that many people face in their later years.
REGISTER ONLINE: www.cohousingco.com
INFORMATION: info@cohousingco.com or 530-265-9980
“The Senior Cohousing Handbook: A Community Approach to Independent Living” (2nd Edition) by Charles Durrett.
http://www.newsociety.com/Books/S/The-Senior-Cohousing-Handbook-2nd-Edition
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This is great!
Wow! You seem to have a great time for your retirement. It's very nice. I wish I could enjoy such fun activities before turning 55 and getting into a long island retirement community. Best wishes for your travels! We're happy to see your trips. Thanks for sharing.
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