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Saturday, June 22, 2024

Goa must tap into the $17.99 Billion Senior Living market


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The senior living market in India is undergoing a significant transformation, driven by the aging population and an increasing demand for specialized housing options. As per recent estimates, the market size is projected to grow from USD 11.16 billion in 2024 to USD 17.99 billion by 2029, at a compound annual growth rate (CAGR) of 10%. This article explores the factors contributing to this growth, the regional dynamics, government initiatives, and the competitive landscape of the senior living market in India.

The primary driver of the senior living market in India is the rapidly aging population. The Ministry of Statistics and Programme Implementation reports that by the current year, approximately 139.4 million senior citizens reside in India. This figure is expected to grow as the proportion of the population aged 60 and above increases from 10.1% in 2021 to 13.1% by 2029.

Recognizing the need to support the growing senior population, the Government of India has launched several initiatives, notably the Atal Vayo Abhyuday Yojana (AVYAY) for 2021-2022. This scheme aims to create a society where senior citizens can lead healthy, happy, empowered, dignified, and self-reliant lives with strong social and inter-generational bonding.

Under the AVYAY scheme, the government has allocated over INR 530 crore (USD 642.87 million) for senior citizens’ welfare. More than INR 300 crore (USD 363.89 million) are invested specifically in senior living projects under the Shelter and Health for Senior Citizens scheme. This includes programs like the Integrated Programme for Senior Citizens (IPSrC) and the State Action Plan for Senior Citizens (SAPSrC).

Southern cities, including Bengaluru, Chennai, Kochi, and Coimbatore, are leading the way in senior living projects. These cities offer pleasant climatic conditions, excellent connectivity, and access to top-tier healthcare services. Over 70% of senior living projects are concentrated in these regions, offering a mix of independent living, assisted living, skilled nursing care, and continuing care retirement communities.

Mumbai, Pune, Ahmedabad, and Surat are popular retirement destinations in the western region. The region is known for its vibrant lifestyle and advanced healthcare infrastructure, making it an attractive option for senior citizens seeking a comfortable retirement. In the north, Delhi-NCR, Chandigarh, and Dehradun are emerging as preferred locations for senior living. These areas offer a combination of urban conveniences and serene environments, appealing to retirees looking for a balanced lifestyle.

There is a growing trend of senior living projects in tier-II cities such as Bhiwadi, Coimbatore, Puducherry, Vadodara, Bhopal, Jaipur, Mysuru, and Kasauli. These cities offer ample space for developing large, sprawling communities with abundant green spaces, catering to seniors’ preference for open and less crowded environments. Attractive financing options and the availability of land further boost the appeal of these cities for senior living projects.

Goa is an ideal destination for Senior Living

Goa, traditionally known for its picturesque beaches, vibrant culture, and tourism industry, is now emerging as a prime destination for senior citizens living in India. With the growing aging population and increasing demand for specialized senior living facilities, Goa is positioning itself as a hub for retirees seeking a high quality of life in their golden years.

India’s demographic landscape is shifting, with a significant increase in the elderly population. By 2050, it is projected that nearly 20% of India’s population will be over the age of 60. This demographic shift has created a burgeoning market for senior citizen living, encompassing retirement homes, assisted living facilities, and senior-friendly housing projects.

Goa is uniquely positioned to capitalize on the growing demand for senior living options. Several factors make Goa an attractive destination for retirees: Goa’s tropical climate, with warm winters and a scenic coastal environment, is ideal for senior living. It is known for its relaxed pace of life, clean air, and beautiful surroundings, Goa offers a high quality of life. Goa boasts a range of reputable hospitals and healthcare facilities that cater to the needs of senior citizens. Goa is known for its low crime rates and a strong sense of community, providing a safe environment for seniors. From cultural festivals to nature walks, Goa offers a variety of recreational activities that can keep seniors engaged and active.

Several real estate developers and senior living companies are recognizing the potential of Goa as a prime destination for senior citizens. Key developments in the region include:

  • Integrated communities with independent living units, shared amenities, and healthcare services tailored to seniors.
  • Specialized facilities that assist with daily activities, medical care, and social engagement.
  • High-end projects offering premium amenities such as wellness centers, gourmet dining, and concierge services.

These developments are designed to provide not just housing but a holistic living experience that caters to the physical, emotional, and social needs of seniors. For example:

Ikigai Senior Living 

Goa’s first vibrant community for those young at heart. Ikigai is a Japanese word that weaves in simple elements to live a long, meaningful, and happy life. A philosophy followed at the Ikigai Senior Living, Goa – a senior living project by Manasum Senior Living and Prescon Homes. Their community offers a range of amenities, including healthcare facilities, recreational activities, and wellness programs. The emphasis is on creating a nurturing environment that promotes physical, emotional, and social well-being.

The senior living market in Goa can benefit from strategic partnerships between the government, real estate developers, and healthcare providers to create sustainable and inclusive living environments for the elderly. The future of senior citizens living in Goa looks promising. With the right investments and strategic planning, Goa can become a leading destination for retirees not just from India but from around the world. The focus on holistic well-being, community living, and quality healthcare will be key drivers of this growth.

Goa’s foray into the senior citizen living market marks an exciting development in the region’s real estate and healthcare sectors. By leveraging its natural advantages and addressing the needs of the elderly population, Goa is set to become a preferred destination for senior living in India. As the market continues to grow, it will bring new opportunities for economic development, job creation, and improved quality of life for senior citizens.

As the market evolves, developers must focus on offering high-quality amenities and services tailored to the needs of senior citizens. By doing so, they can tap into the growing demand and contribute to the well-being of India’s aging population.

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