Senior Living as an Emerging Investment in India: A Glocal Perspective
India, being the world’s fastest-growing economy for a decade now, has been bringing transformational changes in the lives of millions of its citizens, particularly its seniors. This assumes significance as India’s demographic landscape is undergoing a profound shift, with the share of elderly people aged 60 and above expected to surge from 8.6 percent of the population in 2011 to 19.5 percent by 2050, according to the Population Division of the United Nations’ Department of Economic and Social Affairs. In this backdrop, the country’s senior citizens are experiencing improved life expectancy to higher purchasing power parity and better awareness about investments which have led to a better quality of life post retirement for India’s nearly 14 crore senior citizens.
Unlike their predecessors, these individuals are independent, financially secure, well-travelled, and socially connected. They approach life, whether in retirement or not, on their own terms and challenge traditional ideas about senior living and aspire for a lavish and more fulfilling existence. While this bodes well for the overall economy, a micro view showcases a $10.15 billion market as of 2022 which is expected to grow at a CAGR of 10% over the next seven to eight months, states Association of Senior Living India.
As the senior population continues to increase, the demand for assets and support services including housing for senior living will persistently rise. These residential projects undertake a holistic approach to senior living with a focus on physical, mental and emotional well being. They offer a community based living with state-of-the-art services including 24*7 medical services, dedicated spaces for meditation and yoga and large green spaces
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