In India , few years back Vridhha Ashram was considered as a place where one goes after 60 years. It was believed that there children do not take care.
Today, Vridhha Ashram is packaged and sold as an asset class. It is referred to as "Senior Living" and is a lucrative business.
This was correctly stated in a article:
Senior living: an emerging new asset class
Senior living as an asset class is now at a nascent stage, even as there is huge potential in view of the existing fundamentals,” says Aditya Virwani, COO, Embassy group of realtors. “Going forward, there will be a growing demand for senior living assets, providing a stable market for those investing in these properties. Senior living properties often have long-term leases with stable tenants, which can provide a reliable income stream for investors. Besides, they often command rents higher than traditional housing properties, due to the specialised amenities and services they offer”. The group has entered the senior living space recently.
Also, key part:
Currently, it comprises less than 1 per cent of the real estate market in India, as compared to 12 per cent in the US and 5-6 per cent in Australia. Experts are of the view that, over the next few years, there will be a growing demand for senior living properties, providing a stable market for those investing in these properties.
Here few things are happening:
1. As Indian economy grows there is going to be growth of old age homes.
2. Family structure of taking care of elder member of family is slowly getting eroded.
3. Family values change as wise and wisdom are shifted out of the home.
4. Teens look up to Social Media for wisdom.
5. Huge impact on the children as parents are busy earning money
6. Economic prosperity is eroding Family structure.
7. Growth of single parent.
The article in Business India used the correct image, as they are are first to embrace:
