Secure and cared for: The rise of senior living communities in India
Published by Business Standard
Abhishek Kumar's role: Quoted
Abhishek Kumar suggested that seniors have a lawyer check title and occupancy papers, and assess on-site doctors and nurses, links with hospitals and emergency systems. He said these homes suit those needing some daily help but not specialised care, and cautioned that service charges continue until a resale.
What Abhishek Kumar said
What legal and medical checks should seniors do before moving into a senior living community?
I suggest engaging a lawyer you trust to verify the legal documents, especially a clear title deed and the occupancy certificate. Since healthcare becomes critical after retirement, I would also assess whether medical staff are available on the premises, what tie-ups the community has with hospitals, and how its emergency response systems work.
Who are senior living homes suited to, and who should avoid them?
With India's population ageing and fewer young caregivers around, I expect these homes to suit people who need help with daily activities but not round-the-clock medical care. They also work for retirees who enjoy community living and want freedom from maintaining property. I would advise against them for seniors who need specialised medical care, because such facilities may not have trained staff.
What should I know about selling a home in a senior living community?
Service charges keep running until the property is resold, and liquidity is low because these homes often take longer to sell. So I suggest planning for the possibility that money stays locked in, and charges keep accruing, for some time after you decide to move out.
In our words, from what he said in the piece. General information, not personal advice.
More of Abhishek's views on money management
India's senior living market is growing as families become smaller and children move away for work. The article covers the price premium of such projects, their benefits and drawbacks, the legal, healthcare and financial checks buyers should run, limited resale options and the mistakes to avoid.
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Secure and cared for: The rise of senior living communities in India