As the population of elderly people, which stands at 100 million now, is slated to cross 140 million by 2030, there is a growing need for ‘retirement communities’ in India to take care of the needs of the elder people, who are either left alone to fend for themselves by their children or being forced to live alone owing to socio-economic condition. The growth of elderly people is estimated to be 3.8 per cent compared to the overall average of 1.8 per cent.
“In India, old age dependency ratio has increased to 12.6% from 10.6% in 1991. About 27 million seniors need special medical care by 2020. These statistics alone indicate the urgent need for retirement communities across India and what we have now is a minuscule percentage of actual requirements,” says Colonel A Sridharan, MD, Covai Property Centre and Serene Retirement Communities. He further adds, “Assisted living requirements will go up in the coming years. To be honest, we do not have anything worth being called assisted living today.”
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