Demand For Senior Living Homes in India is at its Peak Today

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Senior Living in India is Serious Business Now

With senior housing attracting the majority of the attention, India's real estate market is unexpectedly preparing for a substantial surge in demand. As per a white paper published in collaboration with PWC and ASLI-The Association of Senior Living in India, the delivery industry is currently bustling with fifty active projects from the top twelve participants. Remarkably, sixty percent of these endeavours are strategically located in tier two cities.

Elderly population increasing

The anticipated growth of the nation's geriatric population is the driving force behind this demand surge, which is not a passing fad. Forecasts suggest a substantial need for around 2 lakh units of senior living accommodations in the forthcoming years, which the report describes as a catalyst for a housing revolution among the elderly across the nation.

The demand for senior living accommodations is anticipated to be substantial, reaching around 2 lakh units.

"We're diving into the senior care industry – a booming sector as India's population grows. Senior care has been transformed into an innovative and inspiring journey through the Association of Senior Living's remarkable members, who presently provide assistance to approximately 2 lakh seniors."

said Ankur Gupta, co-founder of the Association of Senior Living and joint MD of Ashiana Housing. Determining the immense potential for businesses in this sector and enabling entrepreneurs to comprehend the world of seniors is our mission.

Demand across Regions

Tier 2 and tier 3 cities, where the anticipated demand for specialised senior housing exceeds the current supply, are notably receiving increased attention regarding this surge. Intent on capitalising on this burgeoning market, this creates opportunities and obstacles for real estate developers.

"We recognise that the senior care sector in India encounters obstacles, including regulatory frameworks and infrastructure development, despite its immense potential. We are committed to promoting progressive strategies that place the welfare and dignity of seniors first."

Adarsh Narahari, chairman of the Association of Senior Living India (ASLI), stated at the 4th ASLI Ageing Fest in Delhi.

Primary Reasons

There are various factors contributing to this surge in demand. The emergence of geriatric-focused healthcare facilities, the increasing demand for personalised services among the elderly, and their propensity to invest in such services are all contributing factors to this trend. The current niche geriatric services market, which is estimated to be worth 12-15 billion USD, is expected to experience a significant increase in value to 40-50 billion USD by the conclusion of this decade as a result of this paradigm change.

Senior citizens, as of March 2023, constituted a substantial one-fifth of the total deposits in Scheduled Commercial Banks, indicating that the financial sector is not exempt from this prevalent transformation. The increasing demand for customised financial products that cater to the distinct requirements of the elderly is a reflection of the financial acumen that exists among this demographic.

Despite its considerable potential, the senior living industry in India is not devoid of obstacles. Obstacles that must be confronted in order to secure a more promising future for the elderly include regulatory frameworks, societal perceptions, and infrastructure development.

According to Rajit Mehta, MD & CEO of Antara Senior Care and chairman-elect of ASLI, the organisation is dedicated to promoting a transformative approach that places the well-being and dignity of its seniors at the forefront as it confronts these challenges.

Government Initiatives

Aligned with this trend are government initiatives such as the introduction of 'Elder Line,' India's first pan-India helpline for senior citizens, and the increase in deposit limits for the Senior Citizens Savings Scheme (SCSS). The purpose of these endeavours is to provide assistance and improve the financial capacity of the elderly.

Developing Strategies

Stallion and up-and-coming entities in the real estate, financial, and technology industries are strategically situating themselves in reaction to this unprecedented demand. Companies focused on technology are utilising artificial intelligence to improve senior care living and homecare, while purveyors of senior care services secure substantial funding for a variety of initiatives.

Capital CMD Bajaj Mental, physical, and financial independence are the three facets, according to Rajiv Bajaj, that the elderly should own.

Conclusion

The geriatric care market is evolving as a critical sector, given India's projection that one in every five individuals will be elderly by 2050. Notwithstanding recent progressions, an increasing number of individuals agree that in order to tackle the evolved and unfulfilled requirements of this swiftly expanding demographic, more all-encompassing strategies are required, such as augmenting corporate social responsibility (CSR) expenditure on senior citizen welfare.

Already extant disparities in clinical and non-clinical senior care services are anticipated to be significantly narrowed by the potential infusion of more than $175 million by 2030 via increased CSR expenditure.