The world’s elderly population is surging and India is expected to accommodate upto 17 per cent of the world’s elderly population by 2050, said a report by CBRE South Asia Pvt Ltd. In India, the segment is witnessing substantial growth, driven by favorable demographics, rising chronic conditions, and increasing awareness. And with the rising number of seniors seeking specialized care and lifestyle options, the demand for senior living facilities has surged significantly in recent years.
In its report ‘Golden opportunities from the silver economy – Analyzing the future of senior care in India’, CBRE said the senior care landscape is rapidly evolving on a pan-India basis, with 18,000 units spread throughout the nation.
As per the report, 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. Currently, there are approximately 150 million elderly individuals in India, a number expected to rise to 230 million over the next 10-12 years.
Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said, “India’s senior population is expected to experience a remarkable 254 per cent growth, making it the fastest-growing demographic segment globally. By 2050, India is projected to house up to 340 million seniors, constituting approximately 17 percent of the world’s elderly population. India has experienced a significant surge in the number of senior living projects over the past decade, reflecting the growing acceptance and demand in this sector.”
Developers in the senior living sector are optimistic about its future, emphasizing the rising demand for tailored care and lifestyle choices among the elderly. They see a strong potential for ongoing growth and innovation, as demonstrated by their plans to broaden their reach in urban areas and target affluent households. The forecast for this sector remains upbeat, with expected growth in both major cities and secondary markets. Developers are poised to leverage this increasing demand by launching new projects, improving facilities, and establishing strategic alliances to provide holistic senior living solutions.
The Wadhwa Group, in collaboration with Primus, is at the forefront of this shift, developing ‘Primus Swarna’, a premium senior living space within the sprawling Wadhwa Wise City Panvel. This project is aimed at providing active senior living homes within an integrated township. The senior living homes are elder friendly designed, keeping in mind the unique needs of its residents. At ‘Primus Swarna’ the residents will be provided with various services which include proactive medical care, in-house restaurant, Concierge, housekeeping and maintenance services, easy access to emergency healthcare, 24×7 security, CCTV cameras etc. In addition, a range of diverse activities will be conducted for the residents to give them an opportunity to pursue their passion; whilst keeping them mentally and physically fit.
Sandeep Sonthalia, CEO, Wadhwa Wise City, highlighted the unique benefits of this partnership, stating, “Given our combined strengths, this project will cater effectively to the senior community in Mumbai, offering a mix of modern amenities and community living. Our aim is to create a community that supports active aging, where seniors can enjoy their independence while being part of a vibrant, integrated township.”
Further down the coast, Prescon Group has partnered with Manasum Senior Living to launch IKIGAI Goa, a luxury senior living community near Panjim, Goa. This project emphasizes holistic living providing a blend of luxury and wellness facilities designed to promote a long, fulfilling life.
Vinay Kedia, Director at Prescon Group, emphasized the project’s vision. “At IKIGAI Goa, we are not just constructing buildings; we are crafting a lifestyle. Our community is built around the Japanese philosophy of meaningful aging, with services and amenities that encourage social interaction, physical activity, and emotional well-being,” he explained.
The senior living sector in India is still in its nascent stages compared to countries like the UK and the US. However, with continued investment and development, the sector is expected to see robust growth, tapping into high-income groups and expanding into urban and tier-II cities. This segment’s expansion is not just about real estate development but about fostering community and enhancing the quality of life for India’s elderly.
As India’s senior living market matures, these developments are just the beginning of a significant transformation in how the nation cares for its elderly population, promising not only growth but a better quality of life for its senior citizens.
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