Senior Living in India: A Lucrative Opportunity in Real Estate by 2030
India's senior living market is poised for a fivefold growth by 2030, driven by a rapidly growing senior population and increasing demand for specialized housing options.
Senior LivingReal EstateMaharashtra Real Estate Regulatory AuthorityElderly PopulationIndiaReal Estate MaharashtraJul 23, 2024
The rapid growth of the senior population is a key driver, with India expected to have the world's largest elderly population by 2050, with over 17% being 60 or above. This significant demographic shift creates a massive demand gap, with JLL estimating a current demand of over 320,000 senior living units in India, but a planned supply of only 20,000 units. The top 10 senior living operators in India hold a combined market share of over 50%, with the southern part of the country leading the way.
Modern senior communities offer a vibrant and fulfilling lifestyle with amenities like fitness centers, recreational activities, and cultural events. Despite the growing demand, affordability remains a major concern, with a need for more budget-friendly solutions and government subsidies to make senior living accessible to a wider population.
The senior living sector holds immense potential for growth and innovation, with policy initiatives like Atal Vayo Abhyuday Yojana (AVYAY) scheme and MahaRERA's model guidelines being positive steps. Further measures like tax breaks, health insurance support, and relaxed rental policies could significantly boost the sector's growth. As developers continue to innovate and expand their offerings, the future of India's senior living sector looks promising, with a focus on quality of life, community, and personalized care.
Frequently Asked Questions
What is the predicted growth of India's senior living market by 2030?
A fivefold growth is predicted in India's senior living market by 2030.
What is the current demand for senior living units in India?
The current demand for senior living units in India is over 320,000 units.
What is the market share of the top 10 senior living operators in India?
The top 10 senior living operators in India hold a combined market share of over 50%.
What are some of the amenities offered in modern senior living communities?
Modern senior living communities offer amenities like fitness centers, recreational activities, and cultural events.
What is the main concern in the senior living sector?
Affordability is the main concern in the senior living sector, with a need for more budget-friendly solutions and government subsidies.
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