The demographic composition of the country is constantly changing. The number of working professionals is increasing in ‘younger age group’, while the longevity of population is increasing. This is resulting in a new segment of residence seekers, who are elderly or retired, having sufficient money to dispose on a comfortable living, and looking for living condition where they can largely carry on their own. This segment mainly comprises the urban areas of Tier-I & Tier-II.
Eventually, there are builders who have started to come up with the residential projects specifically catering to their needs. These projects or units must have enhanced security features and healthcare accessibility. Also, worth mentioning that the home healthcare facilities are catching trend in India. It can very well be the essential component of senior living. Smart emergency response systems need to be integrated in building services facilities.
In planning and designing of such properties, the traditional mindset of concentrating majorly on optimization of space for maximizing capacity, won’t work. Adaption of innovative approach is required to facilitate the ease of living and also making the environment more habitable. Also, the elderly people of contemporary era are increasingly becoming techno-savvy. They look for smart home with all advance facilities. They are willing to pay premium for the same.
The preferred leisure time engagement methods are also changing significantly among the elderly people of middle to higher socio economic strata. Just having a lush green in-campus gardens will not suffice. Its high time introduce space for clubs, yoga, meditation and other recreational activities.
Senior Living Projects are sprawling in scattered manner across locations. After few projects in Southern states like Andhra, Tamil Nadu and Kerala, it has already spread in Mumbai, Jaipur, Delhi NCR and few other towns. The overall size of this market segment for now is quite bleak, as it is in nascent stage in India. But looking at the trend in demand and the interest of developers, it can catch up real fast over next decade or so.