Why is India's senior living market expanding?
Over time, senior folks' perspectives in india have also evolved. In the past, older people favored spending time with their relatives. Nowadays, however, older individuals choose to retire to a quiet spot to live out their last years. In india, the proportion of adults 60 and older is rising quickly.
The number of persons over 60 in this nation is expected to increase over the next 25 years, according to experts. The need for elder living is rising in tandem with this demographic expansion. In the past, people only considered moving into a senior living community when they were experiencing health issues, but these days, many people are searching for these amenities in order to improve their quality of life.
Young seniors' new perspective
People in their early 60s are currently searching for independent living possibilities. The director of Vedanta Senior Living in Bengaluru, Shreya Anand, was quoted in the indian Express as saying, "Now people are retiring in their mid-50s and are looking at senior living as their second home." This is a noteworthy shift that demonstrates how aging is becoming a part of a new way of life rather than merely a health issue.
Freedom and convenience
In elder living, independence is crucial. Anantaram Varayur, co-founder of Mansum Senior Living, said in an indian Express article that "people are now looking for a new lifestyle." They desire to reside in an area that can accommodate all of their needs. Seniors can now enjoy their independence without having to worry about living with their kids.
Prospects for the market
India's senior living sector is expanding quickly. By 2024, the market's supply is only expected to reach 20,000 units, while demand is expected to reach 18–20 lakh units. The commercial potential is obviously enormous. Demand will still be close to 3 million units by 2030, even though supply is predicted to reach 90,000 units.