New Delhi, Aug 27 (PTI) Nearly 15,000 senior living homes are likely to come up by 2030 with an estimated cost of Rs 26,000 crore if project launches continue at current pace in the organised market, according
to a report.
On Wednesday, the Association of Senior Living India (ASLI) and real estate consultant JLL India released a report on the country's senior living market, which mentioned that the total organised supply of senior citizen homes stood at 22,157 units as of June this year. This stock was 7,147 units in 2014.
At baseline growth, the report projected an estimated supply of 14,900 units by 2030 with an estimated investment of Rs 26,000 crore.
The supply could increase to 25,500 units at a cost of Rs 39,000 crore in case of accelerated growth.
With policy support, the supply might further increase to 34,600 units at Rs 50,100 crore cost.
The report pointed that there would still be a significant demand-supply gap.
"The country's senior population aged 60 and above is on a steep upward trajectory, projected to grow from an estimated 162.2 million in 2025 to 191.5 million by 2030, eventually doubling to 346 million by 2050," the report said.
The potential demand, which has been defined as the addressable market of urban financially independent seniors, is forecast to rise at 2.3 million units in 2030 from 1.7 million this calendar year.
Rajit Mehta, Chairman of ASLI, said: "India's Silver Generation has more money than the previous one and they are investing it in their golden years."
"While as many as 70 per cent seniors remain financially dependent even today, this trend is changing. The right financial and insurance innovation can help unlock the economic opportunity presented by India’s demographic evolution," he added.
Ankur Gupta, Co-Founder of ASLI, said, the senior care industry is poised for continued evolution and diversification, with the sector projected to reach about USD 50 billion by 2030, growing at a compound annual rate of around 20 per cent.
Commenting on the report, Adarsh Narahari, Founder and MD of Primus Senior Living, said India’s senior living sector is undergoing a major transformation as seniors increasingly prioritise their own happiness.
"Families are seeking ecosystems that blend care with community," he added.
Kirthi Chilukuri, Founder and Managing Director of Stonecraft Group, said, "Senior living in India is no longer a niche concept but an emerging mainstream asset class that reflects the changing aspirations of our society. With rising life expectancy and evolving family structures, there is a growing need for communities that offer dignity, security, and holistic well-being for seniors." PTI MJH ANU
