The average age of India is probably to probably increase from about 29 to 38 by the year 2050. Likewise, the amount of aged people above 60 years is probably to increase from around 11 percent in 2024 to 21 percent in 2050. Over the upcoming three years, out of 2.1 billion people above the age of 60, India would obtain for a 17 percent share signifying the surge in demand for senior care especially housing sector in the nation.
Along with the upsurge in ageing populace, the senior living services such as insurance, medical, housing & many others has been rapidly skyrocketing.
The key factors including increases life expectancy, nuclear families, increased level of income, raising prominence on having steady & peaceful post-retirement life & evolving lifestyle changes are pouring the demand for senior living in urban areas.
Catering to this, the developers are offering a senior living options with amazing amenities including fitness spaces & amusing activities to foster a lively & satisfying lifestyle. The report from Colliers evaluates the emerging demand for senior living housing at 18-20 lakhs units. The emerging demand generates profitable opportunities for institutional investors & real estate developers.
Evaluating the demand for senior living housing in India, Vimal Nadar, Senior Director & Head of Research, Colliers India states, "While currently the senior living market size in India is estimated to be about USD 2-3 billion, it is expected to witness a CAGR of more than 30% and reach ~USD 12 billion by 2030. Although the demand supply gap will remain high even in 2030, the penetration in senior living market has the potential to improve significantly in the long-term. All in all, the senior living market in India is likely to witness accelerated growth in the next few years and embark upon an eventual transition into maturity with changing demographics”.
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