After A Positive Budget, States Need To Do More For Senior Housing

The judiciary and private players have been addressing senior citizens and the quality of their life. While private players have started exploring the residential sector and how it can be tuned well to suit the age and lifestyle of seniors, the Supreme Court recently pulled up states and union territories when they did not file the affidavits on what they think about old age homes in every district given that the number of seniors in the country is growing by the day and so is their dependency on a helping hand.

Expressing concern and disappointment, the SC Bench comprising Justices Madan B Lokur and Deepak Gupta, said on January 30, it was ‘quite obvious’ that the authorities were not concerned about the aged. Defaulters include Andhra Pradesh, Arunachal Pradesh, Goa, Himachal Pradesh, Jharkhand, Madhya Pradesh, Maharashtra, Mizoram, Telangana, and UTs of Daman and Diu and Lakshadweep. These states have been permitted a ‘last opportunity’ to file affidavits within the next three weeks.

The plea filed by former union minister and senior advocate, Ashwini Kumar, and he appealed for an old age home in every district of India. Suggestions that have already poured in would be examined and provisions, as laid out by the National Legal Services Authority (NALSA) with respect to legal services to senior citizens, would be implemented at the earliest and modifications if any could be included.

A need that cannot be overlooked

The Union Budget 2018 meant some relief for seniors as the Finance Minister Arun Jaitley proposed to extend the Pradhan Mantri Vaya Vandana Yojana till March 2020. Under this, seniors would receive an assured eight per cent return by the Life Insurance Corporation of India (LIC). The limit on investment was also doubled to Rs 15 lakh. This converts into higher interest rates.

Moreover, now seniors can bank on exemption limit from interest has been increased to five-fold which is Rs 50,000 per year.  Limit of deduction for health insurance premium and medical expenditure is also up from Rs 30,000 to Rs 50,000 per year. While the Budget has been good for senior citizens in the country, it is time to provide affordable homes to this steadily growing segment.

The gap between the public and the private

While private developers have come up with limited but plush avenues for the aged, the Centre has not been generous.  For example, the Centre provides Rs 200 as old-age pension to those eligible. Undoubtedly, this is next to negligible although the amount varies from state to state. There are other cases such as underutillisation of old-age funds. Therefore, old age homes with basic facilities for care in accordance with section 19 of the Maintenance and Welfare of Parents and Senior Citizens Act, 2007 is a must for those who cannot afford the offerings of private developers.

Banking on private developers?

For those seniors who can afford to maintain their lifestyle, private developers have come up with an array of projects in various budget segments. Here is a list of offerings:

Ashiana Housing

It is one of the first few developers to have introduced special facilities in their residential projects for the senior dwellers. It organises events like cricket matches, dance and swimming competitions to enable socialisation at their residential societies. It also has its own in-house company, Ashiana Maintenance Services, that looks after the care of the elderly. The builder has projects in Bhiwadi, Jaipur, Chennai and Lavasa, a hill station near Pune. The apartments in Lavasa cost around Rs 44 lakh, and apartments in the other locations range between Rs 33 lakh - Rs 37 lakh.

Parkside Retirement Homes, Brigade Orchards

The Parkside Retirement Homes at Brigade Orchards offer apartment units for senior citizens above the age of 55. The project, located in a 130-acre township, is a short drive away from the Bengaluru airport. It is located in Devanahalli, Bengaluru. This project offers comfort and specialised care for senior citizens. The staff will pay the bills and run chores for the residents. Brigade Orchards has vast landscaped spaces, medical facilities, a rock park and an Arts Centre.The 1 & 2BHK homes are priced Rs 47 lakh or above.

Vedaanta Senior Living

This developer has projects across key markets like Mumbai, Bengaluru, National Capital Region (NCR), and Chennai, and some emerging markets like Palghat, Coimbatore and Kumbakonam. The apartments in projects situated south of India are priced at Rs 26 lakh onwards and boast of lush green surroundings, supported by essential and emergency services, comfortable and other lifestyle services. Catering to the retired individuals, the projects offer special services including independent living, assisted living, palliative care and postoperative care.

Athashri By Paranjape Schemes

These projects are specially designed for senior living by builder Paranjape Schemes. Sold exclusively to families which have at least one member above the age of 55, the apartments in these projects are designed with special features like low kitchen platforms, grab bars in toilets, round-the-clock management and wheel-chair assistance, all for the comfort of senior citizens. The developer has five such projects in Pune, one in Bengaluru and one upcoming project in Vadodara. The apartments in the Pune projects cost between Rs 43 lakhs - Rs 74 lakh.

Impact Senior Living Estates

This residential project was designed by former chairman of Fortis Healthcare, and is targeted at those who look for complete wellness services. These services are offered by Fortis. Additionally, Religare also offers its financial advisory services for savings and investment to the dwellers. There is one under-construction project in Amritsar and two are in pipeline, one each in Chandigarh and the National Capital Region (NCR).

Covai Properties

The projects are unique as they offer freehold as well leasehold model apartments. It has a complete rent model too, charging nearly Rs 30,000 a month. The builder has five such projects and all these are located in Coimbatore. While four projects are completed, the remaining one is under construction. Apart from the residential projects, the builder also has commercial projects which are resorts and hotel model accommodation, too.

Other names include Tata Housing’s Riva in Bengaluru, off Tumkur Road, which claims to offer Yoga, meditation services, apart from the regular senior residential facilities.

According to the numbers released by the government in 2011, India has more than 100 million elderly persons and this number is expected to double by 2030. Moreover, with families adopting nuclear set-up, the parents and their married children are living independently in their respective homes making the elderly age group a new category of potential buyers. This makes it even more important for both the government and private players to offer affordable homes for this class of people.

With inputs from Katya Naidu