When choosing a senior home, ask for a transparent and comprehensive list of product and service offerings along with associated costs including, overhead charges.TARA SINGH, CEO, ANTARA SENIOR LIVING
There is a growing interest in homes for senior citizens, both among real estate developers and citizens.
Tara Singh, CEO of Antara Senior Living, shares her views with Business Line on what factors senior citizens should focus on when choosing a retirement home.
The company, a part of Max India Group, is building a senior living facility in Dehradun, which is expected to be operational in 2016. Excerpts:
What are the common mistakes people make when it comes to their finances?
Mistakes mostly revolve around lack of proper planning for one’s finances for the latter years.
The average life expectancy of an individual is on the rise in India, which calls for better financial planning to ensure there are no shortfalls in future. Hence, investing in long-term financial tools with high returns is needed in the early years, when an individual’s earning capacity is high.
What factors should one consider before selecting a place for retirement?
One should be highly cautious of location and cost, the organisation’s credentials as well as service and facilities offered.
Choose a location which offers a combination of good weather, tranquillity, green spaces and accessibility to external and internal facilities, such as healthcare and recreational activities. Also, look at the affordability of living in that community.
Look for a provider with strong and ethical credentials as well as good industry image. Consider features such as senior friendly furniture, universal barrier-free design principles and anti-skid tiles. The community must have adequate security measures and well-trained manpower who can deliver the promised services.
What questions should one ask when picking a senior living provider?
While it is necessary to do front check of all services, a background check of the company is also advised. The company’s experience in healthcare and hospitality services besides capability in developing housing infrastructure should be carefully evaluated.
Ask for a transparent and comprehensive list of service offerings with details of costs attached, including overhead charges and product offerings.
You must pay attention to every detail. This may be cumbersome but it is important. Particularly look at clauses that deal with service levels, nuances in the lease model and monthly charges.
What medical facilities and services are essential?
There are three aspects to consider. One is reactive health facility, such as proximity to a specialty hospital. The second is preventive healthcare, which is access to regular check-ups and wellness seminars. The last is home-based care in case of injury or becoming immobilised. Seniors must check the availability of these services.
What are the maintenance costs for Antara residents?
Our facility is expected to open in 2016. We have a fixed monthly charge of Rs 16.75 per sq ft plus Rs 8,000 per apartment. This must be paid even if the house is vacant. Also, a monthly charge of Rs 10,000 per resident is charged when the resident is present.
What is your ownership model at Antara?
We have a lifetime lease model. Say, a customer wants to move out after a few years of stay. In this case, a new buyer will be found, either by Antara or the customer. The buyer’s price for the home is set based on the current fair value, as assessed by an independent expert.
We pass on the sale price to our customer after deducting a marketing fee. This structure helps our residents to get their initial investment with any upside at the time of exit, similar to an ownership model.
