 "India to have 1.5 mn new senior living facilities in 10 years: Report")
India is likely to have 1.5 million new senior living facilities in 10 years as the population of the elderly more than doubles, said a report by a real estate consultancy on Wednesday.
CBRE said 17 per cent of the world's elderly – people aged 60 and older – will be in India by 2050. The country has some 150 million elderly people and their number is expected to rise to 230 million in 10-12 years, according to the report called ‘Golden opportunities from the silver economy – analysing the future of senior care in India’.
The senior living segment includes housing and services that provide elders social engagement and independence. It includes independent living communities, assisted living facilities, memory care units, and continuing care retirement communities.
"The total estimated target for senior living facilities in 2024 is around 1 million, projected to increase to 2.5 million in the next 10 years," said the report. India now has 18,000 senior living units, or a penetration rate of 1 per cent. It is 11 per cent in the United Kingdom, 6.7 per cent in Australia and 6 per cent in the USA.
"This highlights India's nascent stage in the senior living market, signaling significant room for growth compared to more mature markets where senior living is already well-established and growing steadily."
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Almost 70 per cent of senior citizens in India have a chronic illness, mainly cardiovascular disease, diabetes, vision-related ailments, and hypertension.
Developers are increasingly interested in senior living facilities, particularly in South India. The south contributes about 62 per cent of the overall supply in organised senior living and care segments.
"This promising trend is driven by several factors, including higher affordability levels and a growing acceptance of nuclear family structures, as evidenced by a higher proportion of elderly living alone compared to the northern states," said the report. Southern states have “prominent” facilities for tertiary healthcare and awareness of geriatric care services.
"Also, the availability of trained staff, given the region's focus on the healthcare sector, further enhances the quality of senior care," it said.
Major companies in senior care are based in Chennai, Coimbatore and Bengaluru.
In Northern India, Haryana, Rajasthan, Uttarakhand, Uttar Pradesh and Himachal Pradesh have the highest market share of senior care units. Future expansion of the senior care units by major players would be concentrated in Chennai, Bengaluru, Hyderabad, Coimbatore, Pune and the National Capital Region, the report said.
"Developers are looking to capitalise on the growing demand by investing in new projects, enhancing infrastructure, and forging strategic partnerships to deliver comprehensive senior living solutions," said Anshuman Magazine, chairman and chief executive officer, India, South-East Asia, Middle East & Africa, CBRE.
"As acceptance levels rise and affordability improves, the senior living segment is poised for sustained growth and innovation in the years to come," said Rami Kaushal, managing director of Consulting & Valuation Services, India Middle East and Africa, CBRE.