The city has it all. And that’s why it has emerged the preferred choice
Ask someone who is turning 50 as to what his or her future investment plan is and in all probability, they are considering a retirement home, may be in a city like Coimbatore.
During the last 10-15 years, Coimbatore has emerged as one of the preferred destinations in the country for retirement communities and has nearly 20 projects either developed or under development in this segment. What makes the city attractive as a retirement destination is the pleasant weather throughout the year and the healthcare facilities. However, increasing land price and managing recurring costs are challenges that the developers are trying to address.
Those who have grown up here, have seen the retirement communities or have heard of these from their friends, and executives who have worked in Coimbatore, are all among the residents of these projects.
The houses, size of each ranging between 450 sq.ft to 1300 sq.ft., are designed for the elderly. Retirement communities are different from the real estate projects and property investments as the focus is on the services and care provided to the residents, the developers say.
“As we grow older we need more community space. The retirement homes provide this space and there is an institutionalised system to offer the embedded services,” explains P. Viswanathan, Managing Director of Serene Senior Living.”
All the services are provided in-house and there is constant improvement in the facilities on offer. Thus, the demand for the projects continues to be high here, adds Umamaheshwari Yuvaraj, director of Ananya Shelters.
Someone who is moving into a retirement community makes an one-time investment — towards lease or purchase of the property — and incurs a recurring cost towards the services, says A. Sridharan, Managing Director of Covai Property Centre.
The projects in Coimbatore come up in the peripheral areas of the city and hence, there is labour availability for the services provided — common kitchen and dining, security, house keeping, maintenance, etc.
While the cost of investment is relatively less compared to larger cities, the land cost is on the increase and the developers might go in for vertical or mixed development (row houses, apartment units and independent houses) in the future. They are also investing in renewable energy, energy conservation projects, etc.
According to a JLL India source, the local bodies should introduce facilities to promote Coimbatore as a retirement destination.