Estimated Reading Time: 5-6 minutes –
In our journey through the senior living landscape, we’ve navigated challenges, explored restraints, and now, we pivot towards the promising horizons of trends shaping the luxury retirement market in India. Let’s delve into the key insights and emerging patterns that define the future of active and vibrant senior living.
1. Establishing Senior Living Amenities in Prime Locations
Key Insights:
- Active Lifestyle Desires: Today’s seniors aspire to engage in shopping, exploration, and a more active lifestyle.
- Nature and Upscale Preferences: Prime locations with beautiful natural surroundings, upscale neighborhoods, and historic areas are top choices for retirees.
2. Catering to Baby Boomers in Retirement
- Health-Centric Designs: Baby boomers (aged 57-75) seek comfortable living with wellness-centric designs.
- Technologically Savvy: Having witnessed technological advancements, this generation has a distinct mindset about luxury active living and is well-prepared for retirement.
- Rising Senior Population: India witnesses a yearly increase of 5-6 million senior citizens, projecting one in five Indians to be over 60 by 2050.
3. Improvising Senior Living Amenities with Engaging Activities
- Resident Empowerment: Providing residents with more control over their lives is a top priority.
- Diverse Engagement: Communities offer a range of engaging activities like cooking classes, art lessons, and personalized activities based on resident interests.
4. Outright Sales Dominance in Senior Living Apartments
- Operational Models: Approximately 60% of senior living projects in India opt for outright sales, with Bengaluru predominantly following this model. However research shows that this is slowly changing towards rental/lease model.
- Regional Variations: Bengaluru leans towards outright purchases, while Coimbatore and Chennai blend both outright purchases and leases in their senior living developments.
5. Rise of Community Living in India
- Preference for Communal Living: Some seniors prefer communal living without the need for assisted services.
- Growing Recognition: Communal living, initiated in the early 2000s, is gaining recognition as an excellent choice for one’s later years, especially as nearly 35% of the aging population stays alone in India.
6. Intergenerational Housing Reshaping Family Living
- Societal Shift: Families are choosing to live close but in separate homes, driven by societal shifts and challenges faced by dual-income couples.
- Added Services: Communities with added services like housekeeping and healthcare are on the rise, attracting diverse homebuyers.
A Peek Beyond the Horizon: Property Tax Benefits for Senior Citizens
In our exploration of the dynamic trends shaping luxury senior living, our path takes a slight deviation towards a seemingly dry yet crucial topic—property tax benefits for senior citizens. As we delve into the intricate financial landscape, join us in uncovering insights that bridge the realms of trends and taxation, enhancing our understanding of the holistic senior living experience in India.