Indian senior living market potential to touch USD 12 billion by 2030

National News May 14, 2024June 14, 2024 admin

Market size can grow significantly from the current levels of USD 2-3 billion to USD 12 billion by 2030. Demographic shifts in India to create favourable demand dynamics for senior housing. Low penetration of organized private players creates significant demand & supply gap.

The median age of the country is likely to gradually increase from about 29 to 38 by 2050. Similarly, the proportion of aged people (above 60 years) is likely to increase from about 11% in 2024 to 21% in 2050. At the global level, over the next three decades (by 2050), of the 2.1 billion people above 60 years, India would account for a 17% share indicating a significant demand growth for senior care including housing in the country.

“Like most emerging market economies, the demographic pattern of India is undergoing a steady yet definite shift. The population pyramid of the country will slowly but surely transform from the current expansionary stage to a more stable state in the next few decades. The current nascent senior living market presents a lucrative opportunity for private organised developers to capitalise on the untapped market. With rising interest from institutional players and leading real estate developers, senior housing in the country is set to be almost 5x times by 2030, compared to current levels” said Badal Yagnik, Chief Executive Officer, Colliers India.

Read more at https://www.track2realty.track2media.com/indian-senior-living-market-potential-to-touch-usd-12-billion-by-2030/?utm_source=mailpoet&utm_medium=email&utm_campaign=track2realty-weekly-newsletter-date-dordinal-date-mtext-date-y_2

The foundation of our Senior Living was laid where the elders in their senior innings can live a hassle-free life and follow their heart out by acquiring new passions in life. Ashiana Senior Living goes above and beyond that. Our senior living communities are sprawling, residential, multi-unit complexes designed especially for seniors along with various other facilities and amenities like – landscaped grounds, community halls, recreational, medical facilities and more. Over the past few years, Senior Living communities are emerging as number 1 choice for senior citizens and India made us No.1 Senior Living, four times in a row, by Track2Realty.

USPs of Ashiana Senior Living:

Ashiana Senior Living promotes the thought of age is just a number with an active leading lifestyle in one’s second innings. Golden years are also akin to childhood where you are free from responsibilities and have enough time for yourself which if used productively will give a fresh lease to your life. Being mentally and physically agile will allow you to enjoy life to the fullest. Hence, at Ashiana Senior Living, we design activities and amenities to facilitate an easy but active lifestyle. Go for a swim or spar with buddies over table tennis. Opt for regular Yoga classes and other fitness options at the gym and activity centres.
Ashiana Senior Living promotes the idea of independence and dignified lifestyle. Our Senior Living homes are designed to have all the comforts of a regular home with additional functionality and detailing to suit your needs independently. We understand with age the requirements vary and we have taken care of that in most detailed way possible.
Ashiana Senior Living promotes life in a community that is just right for you with similar age group community who becomes the best of neighbors, friends and families too. This provides an emotional support system, which along with a calendar full of mental and physical activities, makes for a long, healthy life. Having a support system of reliable friends reassures your family members and also fulfils your need to socialise.
Ashiana Senior Living promotes the mantra to a longer, healthier and happier life – a socially active lifestyle. Golden years are a very special time. They have the aroma of nostalgia, bittersweet memories, pinch of regrets and endless stories. Our senior living homes are haven where one can revisit old tales while bantering with their buddies. You can focus on being a child again and we'll take care of the rest. Your golden years will truly shine and glow with the fulfilment of your passions.
Ashiana Senior Living promotes the safety and security of seniors to the fullest. With over 16 years of experience in Senior Living projects, we know what you need and we work to provide top notch safety and security by guarding 24x7 by trained and equipped security staff. CCTV cameras for round-the-clock surveillance. We provide 24/7 emergency care, with and on-call doctors and ambulances. Emergency response systems are enabled in the individual apartments.

India has over 100 million elderly Indians today, and retirement homes have evolved and transformed into a safe haven for many.

Since 2013, Primus Senior Living Homes have redefined the senior living segment in India, by ensuring everything is available at the push of a button.

Primus upholds the total comfort and safety of seniors with homes that are designed specifically to ensure ‘Zero Falls’. Homes at Primus come with ergonomically designed furniture with no sharp edges, grab handles for quick support, anti-skid tiles, shower seats, adjustable lights and much more.

As seniors age, their health requires special care and attention. Primus offers healthcare services on-premises, and has tie-ups with specialists to meet every geriatric health requirement. They also have 24X7 ambulance services and nurses to provide quality care to seniors.

Household chores keep the woman of the house busy always; she never gets to retire. Primus Homes ensures women can finally retire and enjoy their time following their passions. The on-campus restaurant provides seniors nutritious & healthy meals every day. The well-trained hospitality team ensures the entire house is spic and span.

Primus slows down the aging process by keeping seniors active, engaged & happy. Interest based activities including yoga, meditation, gardening, music, swimming lessons, photography and much more are organised on a regular basis.

Primus is committed to creating a comfortable abode for like-minded people and strives to give seniors the best of services. They take feedback from residents after every service, each meal and every housekeeping service. They have implemented external checks and audits to keep services at the highest level. The team comprises professionals from backgrounds of hospitality, elder care, event management and social care.

While the pandemic hit worldwide, and cities shut down temporarily, it was life as usual at Primus. While several seniors who lived by themselves suffered without maids, drivers and other support staff, Primus residents enjoyed round the clock services and were kept engaged and emotionally connected to their children through technology. The management employed strict safety measures, and staff stayed on campus to ensure the wellbeing of seniors. The efficient management of Covid-19 at Primus further reiterates that retirement homes are the safest abodes for seniors in their golden years.

On 11th December 2011, the day Association of Senior Living India, was formed the first point on the future road map charter read:

“ASLI will aim to be a voluntary accreditation body to senior living providers by helping draft and implement guidelines and standards that are relevant to the industry, to help create / establish and operate consistent high quality senior living communities, using Best Global practices”

On 11th December 2020, ASLI signed up with Standards Wise International through their Indian subsidiary Standards Wise International India , to roll out the first ever Standards and Accreditation Matrix for the private sector in the space of Senior Living and Care Communities.

The accreditation certificate, which will be issued after validation and assessing of various criteria and quality standards, will carry the endorsement of ASLI, SWII and The Commonwealth Association for Ageing.

The combination of SWI, CA and ASLI brings together an extraordinarily strong group with significant expertise in this sector, that will introduce and promote a Senior Living Standards and Accreditation Matrix for India.

The Standards adapts and enhances existing standards and accreditation templates taken from SWI, and populates them with criteria, indicators, and evidence relevant and unique to the Indian context, introducing a preliminary code of operations for self-regulation, along with best practices collected from India and developed markets across the world.

The Standards have a four-level hierarchy comprising a quality standard and its intent, followed by multiple criteria to achieve the stated intent. This criterion is then further broken up into smaller indicators or objectives, which are then measured and assessed for evidence, and a rating score issued after final validation and assessment.

There are 8 Quality Standards, Governance, Management and Personnel, Design and Construction, Facilities Management, Resident engagement and Experience, Technology and Information Management and Hygiene, Safety, Infection Prevention / Pandemic Control (HSIPC).

These Standards have criteria which are both mandatory and optional, thus allowing Communities and entities across all socio-economic strata to engage, even at the entry and basic levels, while having an aspirational line of sight on how to improve over time, given available resources, which would then reflect in the rating score being upgraded.