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India's senior population is growing rapidly. As of 1 July 2022, there were 149 million people aged 60 and above, making up about 10.5% of our total population. Fast forward to 2050, and this slice of the demographic pie is expected to double to 20.8%, with a headcount of 347 million seniors!
Dive down south, and the projections are even more eye-opening. By 2036, one in every five individuals in the southern states will be part of the elderly brigade. This booming grey wave is signalling real estate moguls to sit up and take notice.
Assisted living: There’s a growing demand for assisted living spaces, and tapping into this market now could spell golden opportunities for real estate players to offer comfortable, well-equipped homes for our seniors while securing a healthy return on investment. This sector blends brick-and-mortar projects with essential healthcare services, carving out a unique market niche that’s ripe with opportunity.
Help with activities of daily living (ADLs): Assisted living facilities offer enhanced care, including help with daily activities like dressing and grooming, medication management, and transportation. Besides housing and medical care, many senior living communities also offer social activities, wellness programs, and other services to help seniors maintain their physical and mental health, and stay engaged with their communities.
Market size: According to a report, the India Senior Living Market was valued at USD 10.15 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 10% over the next six to eight years. At the moment, it makes up less than 1% of the real estate market in India. This shows that there is an immense scope for growth in the senior living market.
Demand in Tier-2 cities: Senior citizens are increasingly looking at non-metro cities to settle down. Cities like Coimbatore, Pune and Jaipur are some of the most opted retirement destinations.
Regulatory environment: Navigating the regulatory waters for assisted living spaces in India can be a bit of a tightrope. The real estate sector is governed by a mix of central and state laws. Real estate players looking to venture into this space need to comply with the existing real estate regulations, along with healthcare and elder care laws. It's about ensuring the safety and well-being of the senior residents while also keeping the operations legally sound.
Beyond the numbers and market potential, it's crucial to recognize the human aspect of the growing senior population. This demographic shift is not just about numbers; it's about the lives, experiences, and well-being of a significant portion of our society. As we witness this dramatic increase in the elderly population, we must emphasize the importance of providing them with not just housing and healthcare but also a sense of dignity, belonging, and quality of life. It's an opportunity for our society to show appreciation and respect for the wisdom and contributions of our seniors. Senior living communities can play a vital role in ensuring that our elders live their golden years with grace and comfort, surrounded by a supportive community that values their presence.
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