The concept of senior living has continued to grab the attention of homebuyers as well as developers. Cities like Bengaluru and Chennai are increasingly witnessing the advent of senior living projects. With the rise in the number of nuclear families and with many elderly opting to spend quality time in their retirement life peacefully, the demand for senior living has witnessed a gradual growth over the years. The senior living sector has attracted the interest of non-resident Indians who plan to relocate to India post-retirement or seek to invest in a senior living initiative for their parents.
As per a report from ResearchAndMarkets.com, the worldwide retirement communities market reached $189.3 billion in 2020, projected to reach $285.1 billion by 2025, and further increase to $374.7 billion by 2030. In India, the retirement and second-home market is anticipated to experienced an annual growth rate of 23.63 per cent over the next five years, according to a study by 360 Realtors. The report estimates the market size to reach $4.021 billion by 2026, a substantial increase from the current size of approximately $1.4 billion.
This is affirmed by the launch of new projects. Recently, Vedaanta Senior Living in partnership with MJ Infrastructure announced the launch of Vedaanta Anugraham, a luxury retirement community designed for Active Retro Living in Jigani of Bengaluru. Dr. P Anil Kumar, Chairman and Managing Director of MJ Infrastructure, said, “The project is being developed with an investment of over Rs 100 crores. Senior living has continued to grab the eyeballs of investors and buyers. The senior housing sector provides elders with an opportunity to go back to doing things that they enjoy, and live in a peaceful and serene environment, embraced by a community that understands the essence of living fully in the golden years. These projects have integrated community ensuring the emotional, spiritual & physical well being. of all residents.”
Rahul Sabharwal, Co-Founder and Director of the firm said, “The senior living sector is witnessing new trends as well. People are opting for it to spend a peaceful retirement life as well because these projects provide all kinds of facilities, leisure experience and medical emergency backup 24×7.”
Current industry trends indicate an increasing inclination towards senior assisted living residences as a favored choice for a second or retirement home among elderly individuals living independently. Estimates suggest that approximately 20 million seniors currently live alone, and this number is expected to rise in the next decade. Experts note that new retirees aspire to maintain an independent lifestyle, contributing to a higher acceptance of senior living environments.