The senior living sector in India is still at a very nascent stage and not many developers have

tried to explore this opportunity to its full potential. This is unfortunate since this sector has
immense potential if approached strategically. If we go by the Indian Census projections, the
share of elders as a percentage of total population in the country will have increased from
around 7.5% in 2001 to almost 12.5% by 2026 and surpass 19.5% by 2050.

The fact that India’s elderly population can grow to 173 million by 2026 suggests that there
lies huge untapped potential, with very minimal current supply in the senior living segment.
As per Anarock data, there are currently around 4,500 senior living units available in the
market, and more than 2,000 units are in different stages of construction.

Geographically, senior living projects were earlier largely concentrated in the southern states
of India including Kerala, Tamil Nadu and Andhra Pradesh. This geographic distribution
was, paradoxically, largely because of outward migration. The concept thereafter spread to
other states and cities as well, with both few big and small builders entering this segment.

Senior home care industry is being driven by the growing and aging populations, the
emphasised focus on health care, the spur in chronic diseases, enhancing financial regulations
and new innovative technologies and treatments.

All of this leads to rising costs and an increase in the level of spending for provision of care,
technology innovations and infrastructure improvements. The aging population is increasing
at a fast pace all over the world. Life expectancy has also increased from 72.4 years in 2014
to 73.5 years in 2019. This is going to bring the total number of people above the age of 65 to
more than 605 million which accounts for 11% of the entire population of the world. The
aging population is the ultimate driving factor for a growing business market and reports
reveal that this population is increasing with time. Henceforth, senior care and home care
businesses will have enough potential in the coming years.

As per a 2017 report by New York-headquartered United Nations Population Fund, the trend
of increasing size and percentage of elderly population in our country is likely to continue in
the coming decades. “The elderly population has increased from 77 million in 2001 to 104
million in 2011. By 2050, the elderly population is likely to increase by three times to reach
around 300 million, accounting for 20% of the country’s total population. By the end of the
century, the elderly will constitute nearly 34% of the total population in the country,” the
report, titled Caring for Our Elders: Early Responses, India Ageing Report-2017, noted.

GAP

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The Senior Zone: How the ‘elderly’ market
in India is lucrative
By: Isha Arora |
Updated: June 23, 2019 4:00:42 AM

A number of start-ups are catering specifically to senior

citizens, be it retail stores, web platforms, healthcare or
tutoring services. Find out how the ‘elderly’ market in
India is a lucrative space.

As per a 2017 report by New York-headquartered United Nations Population Fund, the trend
of increasing size and percentage of elderly population in our country is likely to continue in
the coming decades.

A chance encounter with Bengaluru-based Silver Talkies, an online magazine and social
engagement platform for people above the age of 55 years, gave 72-year-old Chandrika Desai
a reason to get out of her comfort zone and feed her passion for acquiring new skills. It
started about four years ago when Desai came across an advertisement of a tailoring
workshop that Silver Talkies was organising in Indira Nagar, Bengaluru, for senior citizens.
She went in with no expectations, but came back feeling elated at having met people her age
from different walks of lives, who had several stories and skills to share. “After that I went in
for a few more workshops, including ballroom dancing, theatre and mosaic art, and each time
I came across a different set of people. At one time, I also held a workshop where I taught
cooking to a class of senior citizens,” says Bengaluru-based Desai, a former textile designing
teacher. “I had this desire to learn various skills since childhood, but could never do it. In fact
when I moved to Bengaluru in 1994, I couldn’t get a job because I was overqualified and ‘too
old’ to teach. That’s not how Silver Talkies looked at me and people like me. So at this age,
when I’m older and free from all responsibilities, I thought of giving it a try,” she adds.

Engagement programmes for senior citizens being organised by Seniority at one of their
experience centres

Desai’s story is not a lone one in a country where senior citizens, or those over 60 years of
age, make for the fastest growing demographic. As per a 2017 report by New York-
headquartered United Nations Population Fund, the trend of increasing size and percentage of
elderly population in our country is likely to continue in the coming decades. “The elderly
population has increased from 77 million in 2001 to 104 million in 2011. By 2050, the elderly
population is likely to increase by three times to reach around 300 million, accounting for
20% of the country’s total population. By the end of the century, the elderly will constitute
nearly 34% of the total population in the country,” the report, titled Caring for Our Elders:
Early Responses, India Ageing Report-2017, noted.

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Empowerji holds a workshop for its members

This demographic has caught the eye of many first-generation entrepreneurs and healthcare
practitioners, who sensed a gap in terms of products and services designed specifically for the
60-plus age group. “People generally tend to forget that while India’s population is growing
at 2% year-on-year, the senior citizen population is growing at 4% year-on-year. These are
the statistics that popped in front of us when we started looking for options to venture into
three years ago,”

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Natural wellness
An aura of magnificent dawn at SRHC would welcome you through a chorus of chirping birds to a
serene landscape where your body and mind can take a refreshing dip into pure oxygenated air. Life,
then, achieves a new dimension of bliss.

Ceo/Admin -> General Manager, 1 Accountant, 1 Lawyer, 1 IT officer, 1 Sales & Marketing officer, 1
operations manager, 1 HR

----------------------------------------------------------------------------------------------

Operations deptt:

Housekeeping deptt -> 1 matron, 2 cleaners, 1 female attender, 1 male attender

Security deptt-> 2 security guards

Medicine Deptt-> 2 female nurses, 2 male nurses, 2 wardboys, 2 doctors, 2 clinical psychologist, 1
psychiatrist, 1 physiotherapist, 1 yoga/gym instructor,

Cooking staff-> 1 nutritionist, 1 senior cook, 1 assistant cook

----------------------------------------------------------------------------------------------

HR-> 1 counsellor cum social worker

Finance-> 1 Accountant/Cashier

Law-> 1 Lawyer and 2 Associates

IT Cell-> 1 IT officer

Marketing-> 1 Sales & Marketing officer

Other deptt-> 1 librarian, 1 storekeeper