Why Are Senior Living Homes in India Growing in Popularity?

Once stigmatised as "old age homes," senior living homes have now evolved as a viable real estate sector, which has grown in importance in the aftermath of the COVID-19 scare.

Because of the new coronavirus's potential danger to the elderly, several precautions have been taken in senior home developments.

Typical apartment buildings do not have medical professionals on staff, fast access to hospitals, or rigorous cleanliness policies. Visits are regulated and may be simply limited to fulfil the purpose of maintaining a vibrant senior community.

The 14 largest senior housing providers in the United States are either in the process of building or already have residents. Two-sixths of these initiatives are located in the South.

Popular retirement communities in southern India may be found at Coimbatore, Puducherry, Chennai, Bengaluru, Kodaikanal, Mysuru, Kochi, and Kanchipuram. The largest concentration of these developments is in Coimbatore (around 7).

The city's excellent medical facilities, plenty of qualified workers, and clean environment have made it one of India's most popular retirement spots.

At least six retirement communities catering exclusively to the aged have recently sprung up in Pune, India's westernmost city and a veritable haven for the old.

The only subset of the housing market with a substantial healthcare component, elder housing has gained legitimacy in the wake of the coronavirus scare. Changing socioeconomic conditions and an increase in life expectancy have given birth to what was formerly only an intriguing but underserved alternative asset class. The new coronavirus seems to be particularly dangerous for the elderly. The present economic slump has made it clear that senior living may be more than just the unique integration of real estate, hospitality, and healthcare.

There are a variety of reasons why southern India has become one of the world's most vibrant centres for ageing. Reasons for this growth include favourable weather, better transportation, and more accessible medical specialists. Other popular places for retirees in India include Pune and Vadodara in the west, and Bhiwadi, Chandigarh, Jaipur, Dehradun, Faridabad, and Kasauli in the north.

By 2026, India is expected to have a population of over 173 million seniors (those aged 60 and more), making this a promising and underserved market. Also, unlike in the past, there is no longer any stigma attached to the idea of senior citizens living in assisted living facilities; rather, it is now seen as the most direct manifestation of respect for the elderly's inherent worth and autonomy.

Retirement communities have grown in popularity as the number of nuclear families rises and the social atmosphere changes. Retirement communities in India require a far greater degree of active participation from top developers, despite the fact that certain builders are refining the science of creating projects for independent seniors.

As the population ages, but remains relatively healthy, there will be a growing need for such developments, but the current and projected supply is severely inadequate.

Nowadays, many seniors can hold their own in society and maintain their independence in many ways, including via travel, education, employment, and financial planning. They have the right and the propensity to make their own decisions about how they will spend their retirement years.

The growing potential in this sector need an influx of private sector rivals. Providers of software and services, as well as those in the healthcare industry, and those in charge of running hospitals and other facilities, have a responsibility to provide solutions tailored to India while also taking use of international experience and expertise.

The risk of coronavirus is an important reminder that the elderly are safer in senior homes.The average lifespan of Indians over 65 increased from 62.5 years in 2000 to 69 years this year.Several retirement communities may be found in the major cities of southern India, including Coimbatore, Puducherry, Chennai, Bengaluru, Kodaikanal, and Mysuru.Cities like Pune, Jaipur, Bhiwadi, Bhopal, Vadodara, Noida, and Dehradun also have senior housing programmes.

Across the country, the top 14 senior citizen home developers have completed or are working on at least 40 projects, with 26 of them located in South India alone.According to projections made by the United Nations Population Fund and Help Age India, the number of people over the age of 60 living in India would reach nearly 173 million by the year 2026.