March 13, 2006

INDIA: Senior Citizens Retirement Village Launched in Bangalore

BANGALORE (Afternoon Despatch & Courier), March 13, 2006: LICHFL Care Homes Ltd, a wholly owned Subsidiary of LIC Housing Finance Ltd, today launched its first Senior Citizens Retirement Village at Bangalore. Mr. A.K. Shukla, Chairman, LIC of India, inaugurated the pilot project of LICHFL Care Homes Ltd. at Bangalore North. This retirement village, nestled in eco-friendly greenery, is fully self-contained to take care of all the usual needs of the seniors. In its first phase the Bangalore project will house 98 independent cottages spread across 10 acres of garden and open spaces. The campus will consist of a Meditation Centre, a Library and a Home Theatre. The central kitchen here would provide homely food to the residents. A Departmental Store, qualified doctors in daily attendance, alternative Ayurvedic treatment nearby, stand-by Ambulance to take the ailing to the nearest city medi-care centre and an in-campus pharmacy to supply medicines are other facilities envisaged. Housekeeping, security and even domestic help would also be provided. These units arc for Senior Citizens aged 50 and above and are given life long occupancy rights in consideration of an upfront lump sum payment. Monthly maintenance and other costs will be charged separately. Such concepts, varying in areas of services, are very popular in some advanced, countries. In the fast changing society, such Community Living is becoming indispensable as the need emerges very fast with the realisation of increasing longevity. Speaking on the occasion of the inauguration of (the project at Bangalore, A.K. Shukla, Chairman, LIC of India, said "This project by LICHFL Care Homes Lid. marks the beginning of a diversification initiative of LIC Housing Finance Ltd. "This is probably the first corporatised initiative in the sector of elder care in India. A noble vision today with our endearing commitments, it holds a tremendous potential for future growth on the anvil of a distinct demography transition in favour of the elders. "We believe, the future for such initiatives has got significant commercial value as the concept catches with the elders realising today, the increasing longevity. The response to our pilot project has indeed been overwhelming. We are in talks with several State Governments for acquiring suitable lands at various locations for the purpose."

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