The total elderly population is expected to grow from 116 million to 170 million by 2030, says Primus
MUMBAI, Mar 3 (The CONNECT) - Senior citizens homes brand Primus looks to add 2000 units to its senior living residences capacity as it enters the Mumbai market. The entry into the MMR makes it the fourth urban metropolis after Bengaluru, Chennai and Pune. Primus has redefined the very concept of senior living by slowing down ageing through creation of community and proactive health care management.
Primus, a pioneer in creating intergenerational homes is on a growth trajectory with major expansion plans, envisaged across the country. Currently, Primus has over 700 units spread in the three metro cities where they have a presence. With the entry into Mumbai, the company hopes to add another 450 units to its tally taking the total units of senior living residences to 1150 units along with a pipeline of an additional 900 units.
Adarsh Narahari, Managing Director, Primus Senior Living said, there is a deep understanding of the benefits of living in a retirement community and the changing mindset of new India has propelled our growth. Covid acted as a huge accelerator to our business as elders understood the challenges of living in a traditional setup.
Southern cities account for a major share of the senior living market in the country. The entry of Primus into the Mumbai market will give a thrust and improve the footprint of senior living as a housing segment in the western region of the country. The hotbeds of retirement communities are mostly from the south with cities’ such as Coimbatore, Bangalore, Chennai leading the pack and the north is dominated by Delhi-NCR, Dehradun followed by Pune, are some of the most sought-after retirement destinations in west India.
“We are encouraged by the response received and hope to make a positive change in the lives of senior citizens living here in the MMR region. Lack of quality Health care, Safety, Boredom, managing household help and cooking everyday are some of the key inconveniences we solve. Through a combination of technology, trained staff and standardized processes we are able to help elders improve their quality of life and focus on their passions,” Narahari said.
The concept of senior living has gained traction since the past decade or so. This has come about due to rapid nuclearization of Indian families. Loneliness and a growing sense of insecurity as they age are some of the concerns faced by senior citizens.
Senior Living homes provide senior citizens that independence that they seek, and yet at the same time, offer them a quality lifestyle as they age. Senior citizens prefer to spend their time in the company of like-minded people; along with a home where all their needs are taken care of by well trained staff.
The total elderly population is expected to grow from 116 million to 170 million; a 40% growth by 2030. Overall population growth rate indicates that the senior population will grow at a much faster rate at 3.8% vs 2% of overall population.
Demand for senior living facilities is hugely untapped in India; a growing formal demand of over 3,20,000 units against planned supply of only 20,000 units. A perceptible shift has been observed in the living pattern of seniors. Over 60% seniors live on their own with less than 40% seniors above 65 years of age living in joint families; this trend is expected to decline even further.