Senior Citizens Home
So Subra where have you LEFT your mother?
A friend asked this question. I was a little amused, because my parents were never “kept” or “left” by me or my sibling. They were (and my mother is) physically and financially independent. Yes they may need a little help here and there..but lets say my Mother is about 80% independent.
My mother bought this “Senior citizen home” for herself in the year 2000 – when she was just 62 years of age. YES it was fully funded by my dad (he passed away a couple of years ago) and now my mother lives in “Athashri” – a project by Paranjpe builders in Pashan, Pune. I do think the following things worked in their favor:
a) they had spare cash to buy as an “experiment”
b) we did not know it would turn out to be such an amazing place – zero regrets over 20 years, is just amazing execution of whatever ideas hey had.
c) excellent HR – their ability to attract good quality staff and retain them over long periods of time.
d) well run committees of residents taking responsibility in running it. One Mr. Sundaresan takes responsibility for all the communication and does a great job (free of course).
Most of the people moved in because they wanted better social interaction, could afford to buy it (today a normal sized house costs upwards of Rs. 75L). They surely got good lifestyle (gym, pool, library, doctor, nurse, ambulance), good social interaction (knowledge of Marathi preferable, but knowledge of Hindi a must – so a person from TN may not find this place great), easier life style, gated community – kyc done for every supplier,….the benefits have been endless.
One more advantage of this place (as I see it) – most of the people KNOW that costs would increase over time. So yes, there could be some crib, but by and large all the dues are collected on time.
Amazing array of personal help – from helping with daily chores, cooking, nursing, …you name it, and it is available.
I do think that in country with say 125 million senior citizens and assuming about 20% having the willingness (and ability) to pay, there is a huge, huge market waiting to be tapped.
If a financial planner is serious about tapping this market, I do think he will do very well -but remember in a Gated community entry is not so easy.
All the best…do read this report…