How senior living market is redefining retirement

With a growing population of India's well-to-do elderly choosing to live well and live free, businesses have spotted an opportunity. The first of a four-part series on the silver economy focuses on luxury housing projects developed with seniors in mind

- ANEEKA CHATTERJEE

With the rise in India's elderly population, senior living residential projects are flourishing. The growth in this sector is fuelled by a generation of seniors with the financial means to live well in retirement choosing to invest in purpose-built communities rather than relying on traditional family structures.

Take, for instance, 92-year-old Sumitra Rajapati who has lived at Manasum Avighna, a luxury retirement home complex in Bengaluru, for four years. "I've made this place my home," she says. "We celebrate birthdays, anniversaries, and every festival with pomp and energy."

The Avighna complex spans one acre and has 110 one-bedroom apartments with amenities such as a gym, prayer hall, library, and 24/7 medical support. Safety is paramount, with emergency bells, support bars in washrooms, well-lit corridors and windows designed for ample natural light.

Rajapati pays a rent of ₹32,000 per month, while other residents like R Uma, 62, own their units and pay ₹8,000 a month for meals. "Living here alone, I enjoy yoga classes, language sessions, and daily prayers. The ambulance is always ready in case of emergencies, and they inform family members immediately," Uma says.

Vikram Dixit, 81, who retired as senior deputy manager from Bharat Heavy Electricals Ltd, moved into his unit in November 2020. "I was convinced I would end up in an old age home," he says, "until I came across a Manasum pamphlet."