The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6 percent in 1990 to 9 percent in 2019. That proportion is projected to rise further to 16 percent by 2050, so that one in six people in the world will be aged 65 years or over. This will cause the seismic demographic shift this year and will cause an irreversible effect in human history. This is why WHO has declared the decade (2020-2030) as the Decade Of Healthy Ageing to find better alternatives and positions of the aged population in the future. We in India should be concerned about this because the same article says that more than 1 billion seniors (above 60) are from low and middle-income countries. It adds, “Many do not have access to even the basic resources necessary for a life of meaning and of dignity. Many others confront multiple barriers that prevent their full participation in society.”
This should sound relevant to people in India. The rise in the aged population has become a threat to policymakers and Governments across the world.
This is how we fit into this ball of the aged population and its irreversible impact on the world. As WHO rightly mentions, it’s foreseeable that the aged population is not in the safe hands to manage India’s demographic shift. Protecting them has become the need of the hour.
World’s population is facing tremendous change. Life expectancy is increasing while the birth rates are reducing. These are two lines that hit everyone’s eyes while reading about the Ageing population. One needs to know what it “actually” is. People who are born between 1946 to 1964 are called baby boomers. People are classified according to their age groups. Currently, India is one of the countries with the highest aged population.
Do you think it is just another fact and will not alter the demographics? Then read along! This article will tell you why you should care.
Economic insecurity and thus diminish in purchase power
The social fabric was a well oven in India’s extended family system or the joint family system. Children continued to stay with their parents even after marriage. This enabled the elderly people living in home and enjoyed the feel of comfort with a sense of security as someone is there to look after them. This leaves them in a tension-free environment in their silver years to lead a happy life and live longer. Similarly, elders moving out of the home to live separately away from the children from a well knit joint family system are looked down by the society. Children are blamed for sending their parents away to senior living/Retirement community
even though the reasons are justified in most cases. Children move away from the joint family system due to their job nature or many other causes leading to the nuclear family system. Awareness to be brought in the minds of seniors and in the society to seek for better options/solutions for the elders to choose to live in a senior living community which provides a better lifestyle and active daily living with the facilities and the conducive atmosphere available there for the elders
Many of the old age homes are run by the government or by NGOs. These old age homes provide the primary facility of food, shelter and essential medical services. The accommodation is mostly of dormitory or shared type with shared toilets. Menu options are limited; only the necessary entertainment facilities like TV, newspapers and magazines provided, guests are allowed to see the residents only in a particular time slot. Besides this, social stigma is attached to this.
In the case of a senior living community or retirement community, mostly operated by the private operators provides a better array of services to lead an active daily living and better lifestyle. Even though the common dining and catering services are available as part of common amenities, the residents have a kitchen/kitchenette in their villas or apartments. Attractive facilities are provided as common amenities. In many senior living communities, guests are permitted to stay in the guest rooms or in their living accommodation for a specified period. Better entertainment and sports facilities exist. The residents participate in all such activities with passion and get an opportunity to share their talents and enjoy their time happily with no stigma attached.
The senior living communities will have the basic infrastural facilities like roads, street lights, sewage and wastage disposal, water facilities and safety and security arrangements.
Facilities like Club House with dining and other allied facilities, Medical Centre with spa, Multi-purpose hall with sports facilities and amphitheater, Guest Rooms and staff quarters are few basic facilities to name few as part of common amenities. Assisted care facilities are provided based on the project or community need.
Regarding the Services and care, there is a big laundry list of services being provided by these service providers like catering, housekeeping, property maintenance, concierge, event management and entertainment arrangements and other value-added services ..etc.
For the reasons mentioned above, awareness brought amongst senior citizens. It adapted themselves to live in a community where the likeminded people living in senior living communities fend for themselves even though their children support morally and financially in many cases. Such demand is growing day by day and the communities are also increasing as the demand for elderly housing is growing. The Senior living and real estate operators are capitalizing on such demand and providing the best housing options in this segment.
According to the report recently released by the chamber of commerce, the size of the housing segment at present stands at 1.26 billion USD and is expected to touch 7.7 billion by 2030.
The demand and the share of the elderly population over the years are as below.
It is interesting to note that 60% of the developers operating in India are Indian players, 30% are on a joint venture with Indian companies, and 10% are of foreign origin.
The senior population, as of now, is 10.7% of the 130 cr population. This means that nearly 14 cr population. Considering 10% of this population needs senior living units, the demand works out to be seven lakh units against the supply or availability of not even 1 lac. What is available is only 8 to 10%. Hence there is heavy demand in the senior housing sector.
A good question indeed to tell about the concept and options available to a customer. There are three aspects involved in the senior living concept, as mentioned in the query.
The first one is about ‘Living’ which is the real estate part of it to choose the shelter or a dwelling unit. The options here are an outright purchase of a dwelling unit or a lease or hire on rent. Also, it can be an apartment or a villa suiting to their needs.
Secondly, the Services are offered to the residents for their active daily living (ADL). There is a laundry list of services that are provided, starting from catering, housekeeping, entertainment, yoga, routine medical check-up, discourses, gym, tour and travel services, gardening, plumbing, carpentry, event management..etc
Thirdly, As far the care is concerned, Care facilities like medical care, Assisted care, Palliative Care, Memory Care, etc., are provided as an inclusive model of a senior living community or as a standalone model by the operators.
The ideal combination of the housing model is the combination of villas and few apartments or apartments only or independent villas, depending on the location, Cost and marketing and sales strategy..etc.
Ideally, in a place like Coimbatore, the preferred size of housing in such a community is as below
The choice and number of independent villas and apartments are to be decided by the developer based on the location and sales pitch.
In general, the preferred housing sale option in India as of now is outright purchase. The approx percentage of distribution of outright purchase/independently own model, lease model, and rented model is about 60: 30:10 respectively.
The best retirement community destination in India are Mysore, Coimbatore, Dehradun, Pune, Pondicherry, Mumbai, Goa, Delhi,..etc.
According to media reports, Coimbatore in Tamil Nadu is the third-best retirement/Senior living destination in India. The reasons are due to low Cost of living, comparatively less population, good connectivity by road rail and by air, educational hub, industrial centre, agriculture centre, medical tourism, good siruvani river water which is the second-best sweet water in the world, conducive and favourable weather/ climatic conditions, people with respectful language, surrounded by scenic Nilgiris mountains in the backdrop, etc
Buying property in a senior living community provides the best investment and a good ROI. The need to live in such a community can be used when the need arises. Hence it is a better idea to foresee and plan.
The aged population in India is rising. This is where we do our part as an industry specialist by understanding the govt initiatives, existing policies and provisions, contributing our suggestions/recommendations for continued refinement and improvement in policymaking.
The world is a happy place to live in, and not many elders receive the kindness they deserve. VirukshA Developers as Senior Living Community developer offering Excellence in construction and senior living aims to provide its sterling services through senior living options, services and care with passion, compassion and empathy.
So, let’s understand the needs of the seniors/elders and assist them with the most we can!
So, build a place for them or find a place they love or just call us
VirukshA offers you the best be it in the construction arena or in the development of senior living communities which offer quality services that surpass excellence. Headed by Lt Colonel M Baskaran, VirukshA redefines senior living standards with the immense expertise and experience inculcated by the head himself.
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Lt Col (Dr) M Baskaran, who has 22 years of experience serving in Indian Army and 11 years in the Corporate sector, is the Founder and Managing Director of VirukshA.
VirukshA offers you the best be it in the construction arena or in the development of senior living communities which offer quality services that surpass excellence. Headed by Lt Col. Dr. M Baskaran, VirukshA redefines senior living standards with the immense expertise and experience inculcated by the head himself.