The service charge for a home in a retirement community for seniors varies from city to city (primarily on account of the cost of living and hence the payroll costs of the service team).
The monthly expense, not including meals, could range from Rs 10,000 to Rs 40,000 to live in a senior citizen homes in India. This would include all safety, security, housekeeping, maintenance and medical infrastructure fees.
This fees depends on the location – lower for cities with a lower cost of living such as Coimbatore and higher for cities such as Chennai. The second factor that impacts the monthly service fee is the range and quality of services in the Community. A Columbia Pacific Signature community is priced higher than a Serene by Columbia Pacific in the same city.
It is important that prospective residents acquaint themselves with the services on offer to ensure their validity and know whether these are included or not in the quoted price.
Communities designed with senior citizens in mind are of different categories:
Independent senior citizen living homes, where the residents are of an age and health status that allow them to take care of themselves independently.
Assisted Senior Living, where the residents need the assistance of caregivers to perform basic activities of daily living, including walking, eating, bathing, getting dressed and taking medication.
Continuing care retirement community, where senior citizen homes are designed and structured to support the residents as their needs change over time. These communities allow residents to age in place and thereby ensure that the residents continue to be amongst their friends and caregivers.
The price of a home in a community designed for seniors depends on the size of the home, the city in which it is located and the location of the community within that city. The price of retirement homes starts from Rs 47.14 lakhs for a small one BHK apartment to over Rs one crore for a larger three BHK apartment in the same community.
There are no income limits for a senior housing community in India. Individuals intending to purchase a home in a community designed for seniors should make their decision based on the price of the home and the monthly service fee.
The best time to buy a retirement home in a community designed for seniors is when a person’s responsibilities allow them to focus more on self-care. Senior living communities enable the resident to be their best self and follow their heart, as their chores will be handled by designated staff.
Assisted living communities are designed and structured to ensure that they can support their residents as their needs change over time. These senior living communities allow residents to age in place amongst their friends and caregivers