Why there is a Growing Demand for Senior Living real estate Projects in India? What is the projection for senior living demand by 2050?
There are several factors that increasing the demand of senior living real estate projects in India. India’s elderly population is growing rapidly. Increased life expectancy is contributing to this demographic shift. As per UFPA, as of 2023, India’s elderly population (aged 60 and above) is estimated to be approximately 153 million, constituting about 10% of the total population. As per New Indian Express, projections indicate that by 2050, this demographic will more than double, reaching around 346 million and comprising over 20% of the population. So this is the first and foremost reason for increasing senior living concept and projects in India. The traditional joint family system in urban areas is diminishing due to migration and nuclear family setups. Many senior prefer independent living with specialised facilities instead of relying on their children. They are financially independent enabling them to afford high quality living environment. The exposure of global trends has made Indian senior and their families more aware of the benefits of retirement homes, leading to higher acceptance and demand. The projects that are coming up are focused on health, wellness and active aging offering features like fitness centre’s, yoga hub, medical facilities at their door step, club houses etc. attract the seniors who can afford them. Another reason is loneliness and social isolation. Their children are busy or out of country or are in another city, their grandchildren are busy etc., and there is no one to sit and talk to them or spend some quality time with them. The projects these days create a sense of community and provide opportunities for social interaction and activities.
So what the Projections for Senior Living in India by 2050?
- Exponential Growth:
- The senior housing market in India, currently at a nascent stage, is expected to grow 15-20% annually.
- By 2050, demand for senior living units could reach several million, as a significant portion of the elderly population will look for structured, professional housing solutions.
- Shift from Retirement Homes to Comprehensive Senior Communities:
- Future developments will go beyond basic retirement homes to include luxury amenities, integrated healthcare systems, and sustainable, eco-friendly designs.
- Focus on Affordable Senior Housing:
- Developers will increasingly target middle-income seniors, making senior living communities more inclusive.
- Technology Integration:
- Smart homes, telemedicine, wearables, and AI-powered monitoring systems will play a vital role in enhancing safety and quality of life for seniors.
- Government and Policy Support:
- To cater to the aging population, the government is likely to introduce more policies and incentives for senior housing projects.
- Global Investors Entering the Market:
- Recognizing the potential, domestic and international real estate developers are investing heavily in this sector.