India is transforming its housing landscape, fuelled by the burgeoning silver generation. Senior living has emerged as a pivotal sector for real estate developers, policymakers and the elderly and their families.
A report anticipates a surge in the senior population, projecting an increase from approximately 10% in 2023 to an estimated 20% by 2050. This demographic shift is accompanied by a rise in the age dependency ratio to around 34% by 2050, underscoring the demand for dedicated and tailored housing solutions for seniors.
Currently, the senior living market in India is less than 1%, in stark contrast to mature markets like the United States where penetration exceeds 6%. Given the relatively early stage of development and the projected doubling of the senior population share by 2050, there is immense growth potential in India’s senior living sector. Key players in the senior living sector collectively command a market share of over 50%, indicating a competitive landscape where established operators influence the market.
Several factors contribute to the escalating demand for senior living options in India. The rise of nuclear families, increased mobility for career opportunities, a growing need for medical services and evolving perspectives about the asset class are shaping the changing dynamics of housing preferences among the elderly. While home care services for seniors have gained popularity, the challenge is to provide a comprehensive ecosystem of medical care, wellness and social bonding opportunities.
The premium aspect reflects the angle of customising amenities designed to enhance the quality of life for seniors. In recent times, a significant and structured amount has been dedicated to the premium sector. This pattern of maintaining balance across all aspects of a senior living project provides hope for the best deliverables and ensures the creation of environments that prioritise the holistic well-being of the elderly.
As India’s senior population is expected to reach 300 million by 2050, challenges will confront the so-called ‘sandwich generation’ – individuals in their forties and fifties, simultaneously raising children and caring for elderly parents. The burden of ageing, while substantial for seniors, impacts the mental and physical health of caregivers, often women, leading to a gender imbalance in India’s workforce.
There is an urgent need for an inclusive approach to palliative care, challenging the prevailing perception of it being exclusively end-of-life care. With India’s ageing population, there is a growing demand for palliative care options that extend beyond terminal illnesses. The government’s role in fostering a supportive environment for palliative care, along with a comprehensive elderly care policy, becomes paramount in addressing the evolving needs of the elderly.
As India celebrates its demographic dividend, it is important to plan for the silver generation. The rise of senior living marks a paradigm shift in housing dynamics, presenting opportunities for developers, policymakers and society to create an inclusive and supportive environment for the elderly. Through strategic planning, government support and a shift in societal perspectives, India can pave the way for a dignified and enriching life for its ageing population.
(The author is the CEO and founder – Athulya Senior Care)
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