At a time when the life expectancy in India is increasing amid a drastic change in the facilities sought by home buyers, senior living is set to become the next-big thing in India’s residential real estate market. These views were expressed by experts during a webinar, titled ‘Smart and intelligent homes for senior citizens – The need of the hour, post COVID-19’, organised by Housing.com (Watch the webinar on our Facebook page here).
“By 2030, senior citizens will make up 20% of India’s overall population, as against the 9% at present. This will coincide with a fall in the number of young people. Amid this rise in the number of retired people, the need for senior homes will be driven by the fact that the traditional family system in India is on the decline and seniors will have to make arrangements now, to create a secure future for themselves,” said Arun Gupta, CEO, Age Ventures India.
What is driving the demand for senior living in India?
“As of now, 9% of the population in India are people of 60 years and above. By 2050, this share is going to be 20%. By that year, as the number of the productive workforce in the country declines in proportion to that of the non-productive workforce, there would be a lack of manpower to look after the elderly population in the country. On the macro level, this is the single biggest reason driving the growth of the senior living segment in India,” says Gupta.
As more and more women join the workforce, leading to a shift in India’s traditional family setup, the elderly are left to make arrangements to lead a comfortable life in their old age, he adds.
The vulnerability of the seniors has further been exposed by the Coronavirus pandemic that forced many to fend for themselves as the country imposed phased lockdowns to counter the effects of the virus.
How to choose a senior home project
According to Anubhav Jain, director, Silverglades Group, the buyers must, however, apply several checks, before they select a senior living project. “A buyer must carefully check the project on ground, to make sure it actually caters to the needs of the elderly. Sometimes, projects that are marketed for senior citizens are simply retrofitted for that purpose. Other key aspects that buyers must consider, are the developer’s credibility and stage of the construction,” says Jain, adding that a project that has been recently launched, may suffer delays. The buyer must also ensure that a reliable facility manager is in charge, to oversee the day-to-day operation of the project, points out Jain. According to Jain, whose company specialises in the senior care segment, the buyer must first ensure that the apartment is designed to meet their every need.
See also: Senior living communities – The need of the hour, post the COVID-19 pandemic
How technology can help senior living projects
Technological interventions have gone a long way in changing the way homes are being built and operated and the same could be replicated in the senior living segment, too, to provide greater standards of living to the elderly. “In housing projects in India that typically project themselves as senior living, the use of technology is restricted to a very few areas, such as the presence of a panic button. The Silverglades Group has been able to change that by offering truly smart living options in its under-construction project, Melia First Citizen, located at Sohna Road, Gurgaon,” says Deepak Bhattathiripad, director-marketing and sales, eGlu Smart Homes Systems.
The 17-acre project lying towards the south of Gurgaon has homes powered by Amazon Alexa and its artificial intelligence features, offering residents the ease of managing household gadgets through voice commands.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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