KOCHI: By 2026, one in every 13 Indians will be a sexagenarian. Throw in two more decades, those aged above 60 are set to more than double to 24 crore by 2050 from the current 10 crore. As the youthful India gives way to graying population, the scope of Retirement Homes/Senior Living facilities is catching up fast.
Sensing the demand, builders have put on the block both affordable and luxury properties priced between Rs 25 lakh and Rs 1.5 crore, depending on the location and amenities involved. Covai Property, Ashiana Housing, Athashree, Brigade Group, Impact Projects, Dignity Lifestyle, Tata Housing, Paranjape Schemes and Adani Realty are some of the players aggressively marketing the new niche — Retirement Homes/Senior Living projects.
“There’s a considerable number of NRIs, whose parents live in India, especially in independent houses and apartments. Demand for senior living projects in cities like Bengaluru is good and is likely to pick up exponentially. The senior living apartments are built with features that make living really special,” Om Ahuja, CEO-Residential, Brigade Group told Express.
These niche homes evolve as a potential option for the elderly as they are designed specifically for them with features like anti-skid tiles and low-height shelves. These homes take care of day-to-day needs such as food, laundry and housekeeping along with round-the-clock medical facilities and recreational activities. The trend of assisted living, which includes concierge services, is also catching up fast in metros.
“In the last couple of years, there has been a paradigm shift in the perception of senior living. The social stigma of abandonment is slowly changing with increasing number of senior citizens opting to live hassle-free and an independent life,” said Vikas Malpani, Co-founder, CommonFloor.com.
“Many NRIs are opting for these townships as they prefer a relaxed lifestyle and want to be away from the hustle-bustle of the city. One interesting trend here is that in earlier days, children staying abroad used to buy these homes for their parents. But today, NRIs themselves are opting for this. Moreover, with early retirement becoming prominent these days, the trend will definitely catch up,” said Vikas.
According to S N Raghuchandran Nair, Vice President, Credai, demand for the senior-living townships in Indian cities is gaining momentum particularly in Kerala, Andhra Pradesh and Tamil Nadu, where the number of young migrants is more.
“Considering the safety aspect, living in individual homes for the elderly is not a good option. In upcoming complexes, it will be difficult for them to adjust to the environment around. Hence, there is a vast scope for ‘Assisted Living’ facilities,” Nair added.