The Hindu Business Line : A retirement home with a difference

Contrary to the image of retirement homes being over crowded , the ‘Comfort & Retirement Homes’ of Covai Property Centre, Coimbatore, makes an instant impact with its greenery and well-designed villas and facilities for residents.

Of course, the cost of a home here may be beyond the reach of many retired persons. But the retirement home is continuously expanding, the value of early investment has nearly trebled, the current projects are sold out and there is a waiting list for purchase of retirement villas by the same promoter.

Col. (Retd) A. Sridharan, Managing Director, Covai Property Centre (India) Private Ltd, says that what sets his project apart from many similar facilities is that the residents are the owners of the villas (or could rent them from buyers) which would gain in value with time.

The retirement home projects — Soundaryam - Santhosham Comfort & Retirement Homes and Shenbagham Estates — with 146 villas aims to provide the retired occupants a lifestyle they were used to earlier.

A secure environment, facilities such as an open air theatre, club house, TV and reading room, dining hall and medical facilities, for which there is a tie up with a prominent city hospital,, meet every conceivable requirement of the occupants to lead a contented life.

When Col Sridharan started the project in 2004, the villas located on the outskirts of the city near Perur were in the Rs 10-15 lakh range and met with a lukewarm response. But once the concept of retirement homes gained acceptance, there was no looking back and he has been continuously expanding the number of homes. All the three projects are sold out and he is planning a similar facility in Tudialur on the Coimbatore-Mettupalayam road. The value of homes bought earlier have nearly trebled and the new homes costs Rs 30-40 lakh due to increased land value.

Col Sridharan said while the initial investment is sizable, the recurring expenses are moderate — Rs 1,625 to Rs 1,825 a month as maintenance cost per home and Rs 2,400 per head per month for food.

The maintenance cost covers common facilities and the salary of the maids. Visits to places of worship are also arranged for the residents. He said he did not want to build apartment-type retirement homes though it could make the homes more affordable.

He feels that Coimbatore has a strong case for becoming a favoured destination of the retirees because of the salubrious climate, excellent medical facilities, proximity to famous religious and tourism centres and the availability of direct flights to important international destinations.

There is potential for real estate developers coming to Coimbatore to exploit this segment.

Some of the residents, Mr V. K. Narasimhan, Ms P. N. Kalyani and Mr Varadharajan, said they had chosen to come here by choice and not because of any compulsion. The elders too, they said, needed their own space like the younger generation.

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