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Senior living residences and retirement communities focused company Primus on Friday said it looks to add 2,000 units to its senior living residences as it enters the Mumbai market.
The entry into the MMR (Mumbai Metropolitan Region) makes it the fourth metropolis after Bengaluru, Chennai and Pune.
In a release, Primus said that it currently has over 700 units spread in three metro cities. 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 1,150 along with a pipeline of an additional 900 units.
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 company said.
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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 which is the most sought-after retirement destination in western part of the country.
Adarsh Narahari, Managing Director, Primus Senior Living, said, "We are delighted to offer our services to the elderly in the Mumbai Metropolitan Region. 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.
"Lack of quality healthcare, safety, boredom, managing household help and cooking everyday are some of the key inconveniences we solve. Through a combination of technology, trained staff and standardised processes we are able to help elders improve their quality of life and focus on their passions."
The total elderly population is expected to grow from 116 million to 170 million, a 40 per cent growth by 2030. Overall population growth rate indicates that the senior population will grow at a much faster rate at 3.8 per cent versus 2 per cent of overall population, the company said.
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 per cent seniors live on their own with less than 40 per cent are above 65 years of age living in joint families; this trend is expected to decline even further, it said.
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