Time was when middle aged couples dreaded the 50’s from creeping into their lives. Their children had been settled, and savings already spent on their education and marriages. The retired couples had no option but to compromise with their children, and depend on them for their simple needs. But, maybe not any longer.

As banks and insurance companies talking of; sar uttha ke jiyo, so are the real estate firms. With the changing profile of the retired executive who has enjoyed a successful career and a quality lifestyle, retirement is a bonus he richly deserves, in the form of a cottage in the mountains or a villa by the sea!

Enter real estate builders who are now eyeing keenly this very niche market. Seen as more stable sales, attractive retirement destinations are being executed at new locations like Goa, Kerala and Uttaranchal. Goldshield, a UK-based developer is constructing retirement homes in these tourist locations, as also in Mumbai and Bangalore. Options for outright purchase or life-time rentals based on refundable deposits are offered to residents. However, buying a house for investment is not permitted by the company, and neither are purchases by those below the age of 55. Goldshield will be inaugurating its first Well Being Village in Mumbai in December 2007, and more such projects are on the anvil.

Pune, Bangalore and Chandigarh have been traditional retirement cities. Paranjpe Builders and Gera Developers of Pune, and the Brigade group in Bangalore are redefining homes for the retired, and have incorporated buyback schemes into their sale agreements, taking care of market appreciation as well.

Retirement homes come with all the trappings of a modern lifestyle, plus security and health care facilities. Some of these properties are serviced apartments, making life far easier for aging residents. The properties range between Rs.50 lakhs to Rs.2 crores, and targeted at the upper middle class due to retire in about 5 years. Retired NRI couples wishing to return home after their assignments abroad would find this a very attractive option.

Industry experts see a potential for investment by financial institutions in this segment, and lower end colonies will also catch up soon. Experts observe that investment in retirement homes is a wise decision. When living without a spouse or children, senior citizens need the security and reassurance of knowing that they are being looked after. These colonies have much to offer in terms of quality of life to senior residents.

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