Retirement homes offer tremendous opportunity and scope for real estate business to take professional care for the elderly citizens who are now left to fend for themselves!
The house of Tatas is known for their charitable disposition. And, when during the press conference in Delhi, Brotin Banerjee, managing director and chief executive of Tata Housing stated that they plan to invest Rs1,200 crore for developing 13 housing projects for senior citizens, as retirement homes, in the next five years, it came as a pleasant surprise to one and all.
It appears that Tata Housing retirement home plan covers cities like Ahmedabad, Bangalore, Chennai, Delhi, Kolkata, Mumbai and Pune. Full details are expected in due course. Their first project, under this scheme, is already under way in Bengaluru, basic details of which were made public, sometimes in May last year.
According to information available, there are 98 million people in India who are above 60 years of age and this is likely to reach a staggering 200 million by 2030! In line with the general Indian heritage and traditional family habits, a large number of them may continue to be living with their children, particularly the males (sons) who look after the ageing parents. Now the trend is changing, with the lifestyle of children needing "space" to live their "own way of lives" instead of being tied down to age-old systems! On the top of this, a very large number of Indians now live abroad, estimated to be around 30 million or thereabouts, and do continue to "support" their parents with financial remittances, several overseas restrictions (like residence visa in many countries) obliges them to keep their parents back in India!
In fact, old peoples' homes have been in operation for some time in the country, and not many can compared anywhere to be near traditional homes that can take loving care of ageing parents. This is an area which offers tremendous opportunity and scope for real estate business who can take professional care for the elderly citizens who are now left to fend for themselves!
When Tata Housing announced the Riva Residence in Bengaluru as a retirement home for the seniors above the age of 55 years, the response was said to be overwhelming with more than 4,000 enquiries from all over the country! After a study, Tata Housing, it appears, is planning to set up 2,000 such retire homes, involving 13 projects, to be completed by 2018, at an estimated cost of Rs1,000 crore to Rs1,200 crore. Its own estimate is that the retirement homes would be worth about Rs4,000 crore, and, their own initial target to achieve will be in the vicinity of 15%.
Full details of Riva Residences would be available for the reader to access at www.tatahousing.in/riva. This project, according to the available information, is planned to cover 187 units in a 4.5 acre area with the projected cost of Rs70 crore. One bedroom flat of 800 square feet (costs Rs45 lakh) and a 2 bedroom flat (at Rs65 lakh) covering 1,200 square feet. Riva residences are located off Tumkur road and offer wellness, comfort, safety, security and include gym and recreational facilities with a 10,000 sq feet club house, apart from a well set up kitchen to cater to the needs of the residents. Additionally, Apollo Health services have been tied up to take care of the residents needs. It appears that Tata Capital, Central Bank and Axis Bank will also provide loan facilities to potential customers for the above project.
Moneylife has carried extensive coverage on retirement homes, in the magazine issue dated 26 January 2012. Almost every major city and town can claim to have old people's home in various manner and forms. Those who need such facilities would do well not only consult a few known friends in the concerned city/town, but also actually visit, stay for a few days, paying the charges demanded, to be absolutely sure that the chosen centre would meet their needs. After all, once financial commitments are made, it would quite difficult to cancel such agreements.
In any case, one of the main reasons why we took up this issue is present the full, available facts to our readers, but at the same time, look at this announcement as the forerunner of many retirement homes to come up from corporate houses.
(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)
Sahara group's proposal to pay the entire amount to SEBI in cash instalments of Rs2,500 crore each every three months was rejected by the Supreme Court
The Supreme Court, while rejecting Sahara group's proposal, on Friday said the Subrata Roy-led group's appeal to pay entire amount it owe to its investors in instalments is not acceptable.
Sahara group told the apex court that it will deposit Rs2,500 crore in cash within next three days and the rest of the amount in instalments after every three months.
"You should bring a proposal which is acceptable and honourable. This is a dishonourable proposal," the Bench headed by Justice KS Radhakrishnan said.
The apex court said it will hear Sahara's plea for police custody of Roy and others on Tuesday.
The apex court, however, allowed Sahara's financial consultants and lawyers to meet Roy in jail for two hours between 10am and 12pm every day.
The group had pleaded with the Supreme Court that Roy and the other two directors be released from custody to raise the amount.
Market regulator Securities and Exchange Board of India (SEBI) has opposed Sahara’s proposal, saying the group intends to pay Rs17,000 crore but the total due amount is Rs37,000 crore.
The apex court had directed Sahara group to submit its proposal to SEBI and asked the market regulator to respond when the matter came up for hearing on Friday.
The feeling and joy of motherhood and holding the most precious gift of life in your hands, can never be expressed in words, says Dr Rita Bakshi of International Fertility Centre
Dr Bakshi did her MBBS from Lady Harding Medical College at New Delhi in 1983, and her MD from Safdarjung Hospital in 1990. She also has a Diploma in Gynecology and Obstetrics and is trained in ART and in vitro fertilisation (IVF) from the Institute of Reproductive Medicine, Kolkata. She has a Diploma in ART from KKIVF Hospital, Singapore, and a Diploma in Endoscopy from Kiel, Germany.
She is also vice president of the Indian Association of Occupational Health dealing with industrial workers and industrial hazard exposure for the last five years and Vice President of Medical Fitness Society, India since past two years. She is an active advocate against cervical cancer and has addressed numerous seminars across the country on fertility issues. The IFC now has 25 employees, but Dr Bakshi does not want to comment on the financials.
Below is the excerpt of her interview to Hitisha Jain of Moneylife:-
Hitisha Jain (ML): Tell us about the International Fertility Centre and what prompted you to start it?
Dr Rita Bakshi (RB): The International Fertility Centre is a super specialised centre with state-of-the-art IVF lab, operating theatre equipment, highly skilled medical personnel and provides treatments related to women's health, especially infertility and endoscopy.
Every parent, who desires a child, is special for me. Their positive experience is my main and only aim. IFC is passionately dedicated to the vision of creating life and giving equal opportunity to all family types, regardless of marital status or sexual orientation. Our mission is very simple; we want to build families of choice for communities around the globe by providing affordable treatments. Each day, I feel joyous in knowing that we are helping people to realise their dream of parenthood.
ML: What motivated you to set IFC?
RB: I was practising in this field of gynecology and obstetrics for the last 25 years. I have seen the pain and suffering of childless parents due to infertility. I then decided to help them by devoting all my energies to solve their problems. Infertility has always been a subject close to my heart and I have always felt an immense joy in providing a child to couples, who have been trying for years. To feel the joy of motherhood and hold the most precious gift of life in your hands, that feeling can never be expressed in words. I have seen that bliss on the faces of parents and I would do anything to give that same happiness to all the parents. The fact that I am transforming lives by giving children to infertile couples motivates me immensely.
ML: Did you face any hurdles while setting up your business? How did you overcome them?
RB: I believe every business is a roller coaster ride. There will be ups and downs. As an entrepreneur you should be ready to face all challenges. I believe that each hurdle and obstacle is a learning experience and you should take each one of them in your stride. The key to deal with all the glitches is to be confident in your own ability and skills. I always have faith in God and that helps me to overcome all obstacles. I also believe that you should have a great support system in friends and colleagues whom you can trust and confide in. I have good discussions with people, who matter in this field and that helps me overcome obstacles. Every morning when I wake up, I have faces of my patients in front of my eyes and the desire to help them puts an infinite energy in my step. My dreams and my goals motivate me to achieve and become successful in life. They motivate me to be the best person I can be.
ML: What is IFC’s goal? What is the main source of finance for your organisation?
RB: To achieve a success rate of 100% and not leave a single parent childless is my goal. I believe in doing quality work and in helping childless couples across the world. I want to solve the problem of infertility for all couples or all single parents. We are self-funded. Whatever we earn, we put it back in our business to grow ourselves. We have four centres across India and Nepal. In India, we have centers at Delhi and Srinagar and two in Kathmandu.
ML: Why is it important to encourage entrepreneurship in India, especially among women?
RB: Women have been suppressed and subjugated for a very long time. Economic independence brings great confidence and uplifts the entire women community. I formally believe and have great confidence in women doing multi-tasking and having entrepreneurial abilities.
ML: What were the biggest challenges you faced as a woman entrepreneur?
RB: Balancing my time between family and profession and sometimes not being available in critical family affairs. Sometimes, being taken for granted as a pretty face, with no substance has also been a challenge in a man’s world, and to deal with male egos has also not been easy.
ML: Do you feel the need for networking to grow your business? What works for you?
RB: There are various organisations such Confederation of Indian Industry (CII), FICCI Ladies Organisation- Federation of Indian Chambers of Commerce and Industry (FICCI), Assocham etc. I strongly believe that if you do great and quality work, you will get connected to good people in due time. Besides that, holding my own Conference i.e. International Conference on Reproduction, Fertility and Surrogacy and inviting National & International faculty has been of immense help.
ML: What would you say are the business tools that have helped your centre? What are your growth plans?
RB: Good communication skills, having a smiling personality, razor sharp intellect and loads of hard work. Always updating and acquiring new skills in this field have always been a priority for me. Being active on social media sites like Facebook, LinkedIn, Twitter are also a big help. I really want to expand my business by opening up infertility centers in all the cities, so that I can serve lots of childless couples.
ML: Any tips for our women readers?
RB: Ask yourself what I can do best without too much of money. You should focus on career building and setting aggressive career goals, learning from others. Always ask for help, advice, and suggestion. Don’t get bogged down, put loads of hard work, perseverance, enthusiasm and constant focus on work.
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