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.
This story is from the November 25, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 25, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
THE LONG ROAD TO DATA PROTECTION
The DPDP Act comes with a long gestation period. What does that mean for its efficacy?
Tata Punch tops '24 sales charts, ends Maruti's 40-year reign
For the first time in four decades, a non-Maruti Suzuki India car has topped the list of India's best-selling cars. In 2024, the Tata Punch, a sub-compact sport utility vehicle (SUV), became the highest-selling vehicle by delivering 202,030 units.
Isro marks milestone as cowpea seeds take root in space
Cowpea seedlings onboard PSLV-C60 POEM-4 module sprout their first leaves in space, signifying a milestone in space-based plant research, Isro said on Monday.
India reports 5 HMPV cases; govt says no need to panic
India on Monday reported at least five cases of Human Metapneumovirus (HMPV), which causes respiratory illness and was recently identified in China and Malaysia.
US 30-Year Bond Yield Highest Since 2023
US Treasuries slumped, lifting the yield on 30-year bonds to the highest since late 2023, as a rattled market prepares for $119 billion of fresh government debt issuance this week.
Indian Bond Index Inflows May Lag Estimates: Morgan Stanley
Indian bonds included last year in a key global benchmark will fail to draw as much money as previously estimated, according to Morgan Stanley.
Select factor fund based on conviction, risk appetite
Ajay Singh (name changed on request), a 35-year-old Noida-based lawyer, plans to invest in factor (or smart-beta) funds in 2025.
Jubilant FoodWorks Hits 52-Week High
Brokerages Offer Mixed Outlook After Strong Q3 Showing
Quadrant Future Tek secures ₹131 cr from anchor investors
Quadrant Future Tek on Monday garnered ₹130.5 crore from anchor investors ahead of its initial public offering (IPO).
Sebi Eases Fund Settlement Norms for Dormant A/Cs
The Securities and Exchange Board of India (Sebi) on Monday relaxed settlement norms for brokerage accounts remaining inactive for more than 30 days.
