IS SENIOR HOUSING FOR YOU?

Many seniors have taken refuge in senior living facilities in their twilight years as their children have moved abroad. While that may help them ward off boredom, they often come at a huge cost

- Sanjeeb Baruah

India's senior housing market has seen a significant spike in demand in recent years.

Experts predict that the need for specialised housing and medical services for seniors will continue to rise as their population increases with longevity increasing in India.

In a position paper titled Senior Care Reforms in India in February 2024, Niti Aayog estimated that people aged 60 and above will account for 20 per cent of India's population by 2050, in line with an ageing trend observed globally, including in China, France, Germany, Japan, the UK, and the US. This trend is further expected to drive the need for elderly care.

Ravi Reddy, president of National Real Estate Development Council (Naredco) NextGen, an autonomous self-regulatory body established in 1998 under the aegis of the Ministry of Housing and Urban Affairs, says, "The market is projected to expand to 2.5 million units over the next decade, up from around 1 million in 2024. This indicates a considerable opportunity for developers as the penetration rate is just 1 per cent compared to countries like the UK and the US. Also, about 60 per cent of the current demand comes from TierII cities, where availability of senior housing is limited.”

CBRE South Asia, an arm of the leading international commercial real estate services and investment firm CBRE Global, highlights that demographic shift, changing family structures, and the increasing need for tailored retirement solutions have accelerated the demand for senior care facilities in India.