Mumbai News: MMR Witnesses Surge In Demand For Elderly Living Projects

Mumbai News: MMR Witnesses Surge In Demand For Elderly Living Projects

Currently, there are approximately 150 million elderly individuals in India, a number expected to rise to 230 million over the next 10-12 years

Bhalchandra ChorghadeUpdated: Tuesday, April 23, 2024, 01:07 PM IST
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With the surge in elderly population across the globe, India is expected to accommodate up to 17 per cent of the world’s senior population by 2050, mentioned a report by CBRE South Asia Pvt Ltd. Since the rising number of people above 60 years of age seeking specialized care and lifestyle options, the demand for senior living facilities has surged significantly in recent years.

The report ‘Golden opportunities from the silver economy – Analyzing the future of senior care in India’, said the total estimated target for senior living facilities in 2024 is around 1 million, projected to increase to 2.5 million in the next 10 years. Currently, there are approximately 150 million elderly individuals in India, a number expected to rise to 230 million over the next 10-12 years.

"India’s senior population expected to see 254% growth"

Chairman & CEO (India, South-East Asia, Middle East & Africa), CBRE, Anshuman Magazine said, “India’s senior population is expected to experience a remarkable 254 per cent growth, making it the fastest-growing demographic segment globally. By 2050, India is projected to house up to 340 million seniors, constituting approximately 17 per cent of the world’s elderly population. India has experienced a significant surge in the number of senior living projects over the past decade, reflecting the growing acceptance and demand in this sector.”

President of CREDAI MCHI and Director of Romell Group, Domic Romell said, “This trend is not much popular in Mumbai since real estate prices are very high here. Most of the developers are now going for reverse mortgage by not selling the property, but taking some amount from the seniors either as rent or just cost for the stay. And this amount depends on the number of EMIs or rent amount the buyer can afford.”

“These properties are available only for senior citizens as the developers want to develop a community of senior citizens in places surrounding Mumbai. What senior want is good facilities for medical care, daily needs etc. Currently, the developers are not getting as much response as they want, but the demand for such homes will definitely surge in Mumbai in coming years,” Romell added.

Rising demand for tailored care and lifestyle among elderly

However, developers in the senior living sector are optimistic about its future, emphasizing the rising demand for tailored care and lifestyle choices among the elderly. They see a strong potential for ongoing growth and innovation, as demonstrated by their plans to broaden their reach in urban areas and target affluent households. The Wadhwa Group, in collaboration with Primus, is at the forefront of this shift, developing, a premium senior living space within the sprawling Wadhwa Wise City in Panvel.

This project is aimed at providing active senior living homes within an integrated township. The senior living homes are elder-friendly designed, keeping in mind the unique needs of its residents. At ‘Primus Swarna’ the residents will be provided with various services which include proactive medical care, in-house restaurant, concierge, housekeeping and maintenance services, easy access to emergency healthcare, 24x7 security, CCTV cameras etc. In addition, a range of diverse activities will be conducted for the residents to give them an opportunity to pursue their passion, while keeping them mentally and physically fit.

Unique benefits of partnership

CEO of Wadhwa Wise City, Sandeep Sonthalia highlighted the unique benefits of this partnership, stating, “Given our combined strengths, this project will cater effectively to the senior community in Mumbai, offering a mix of modern amenities and community living. Our aim is to create a community that supports active aging, where seniors can enjoy their independence while being part of a vibrant, integrated township.”

Some developers are also emphasising on holistic living providing a blend of luxury and wellness facilities designed to promote a long, fulfilling life. They are not just constructing buildings, but are crafting a lifestyle. Their idea is built around the Japanese philosophy of meaningful aging, with services and amenities that encourage social interaction, physical activity, and emotional well-being.

This segment’s expansion is not just about real estate development but about fostering community and enhancing the quality of life for India’s elderly. As India’s senior living market matures, these developments are just the beginning of a significant transformation in how the nation cares for its elderly population, promising not only growth but also a better quality of life for its senior citizens.

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