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Thursday, June 20, 2024

Senior living in Indian real estate lags behind, still in the early stages

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In Short:

Senior living communities are becoming popular in India, especially for elderly individuals. These communities offer various services like meals, medical care, and concierge services. Demand for senior living is growing rapidly due to the aging population. However, the current supply is limited and mostly affordable only for affluent individuals. Developers are looking at different models and partnerships to cater to this growing demand.

Embracing Change in Senior Living

Imagine living in a community where you no longer have to worry about cooking, cleaning, or even getting your medication. That’s the reality for V.S. Shivakumar, 74, who decided to move to a senior living community with his wife Sujaya to enjoy a more comfortable life. “Here, we go to the dining hall and choose what we want to eat; coffee and biscuits are sent to the doorstep; I send a message and medicine is delivered. Every possible service is available,” he shared.

The Evolution of Senior Living in India

Gone are the days when the only option for the elderly in India was an old age home. With the rise of independent and assisted living facilities, seniors like Mr. Dorai and the Shivakumars are part of Primus Senior Living’s ‘Primus Reflection’ project, tailored for individuals aged 55 and above. This active community provides specialized services such as meals, concierge, physiotherapy, and regular health checkups.

Growing Demand for Senior Living

India’s senior population is rapidly growing and is estimated to reach 195 million by 2030 and 348 million by 2050, according to the UN World Population Prospects report. Despite this surge in demand, there are only about 20,000 senior housing units available, highlighting a significant gap between supply and demand.

Challenges and Opportunities in the Market

While the pandemic has accelerated interest in senior living, there are still challenges in making these facilities accessible to a wider audience. The current penetration rate for senior living in India is less than 1%, indicating vast untapped potential in the market. Developers and operators are exploring innovative financing schemes to bridge the gap and cater to a broader demographic.

Looking Towards the Future

With the market projected to grow into a $10-12 billion industry by 2030, there is a sense of optimism surrounding the senior living sector. Developers like Primus Senior Living and Manasum are adapting their strategies to meet evolving demand and provide specialized services for seniors. As the industry gains traction, more players are expected to enter the market, creating new opportunities for growth and innovation.

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