The demand for senior citizen housing in India is rising rapidly. In 2014, only 7,147 such units were launched; by 2024, this number had reached 20,442 (year-to-date till September), according to JLL research. Senior citizens now constitute 11 percent of India's population, or 156.7 million people, a figure expected to more than double to 346 million by 2050. This growth is expected to drive significant demand for senior housing, according to a report by the Association of Senior Living India (ASLI) and JLL.
Factors fuelling demand Several factors are contributing to the rising interest in senior living facilities. "As India's population ages, there's a larger demographic that needs specialized housing options. Rising prosperity has enabled more individuals to afford these facilities," says Ankur Gupta, co-founder, ASLI, and joint managing director, Ashiana Housing.
"The rapid pace of urbanization and growth of nuclear families is also fuelling demand," says Samantak Das, chief economist and head of research and REIS, India, JLL.
Loneliness among the urban elderly is another driver. "Around 26.7 percent of the elderly live alone, with only their spouses, or with other people who are not their spouse or children," says Gupta.
Denne historien er fra November 25, 2024-utgaven av Business Standard.
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Denne historien er fra November 25, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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