The growth of senior living

The world’s elderly population is growing and India is expected to house up to 17 percent of the world’s elderly population by 2050, according to 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 increasing number of seniors seeking specialized care and lifestyle options, the demand for senior living facilities has increased significantly in recent years.

In its report ‘Golden opportunities from the silver economy – Analyzing the future of senior care in India’, CBRE says the senior care landscape is rapidly evolving on a pan-India basis, with 18,000 units across the country.

According to the report, the total estimated target for senior housing in 2024 is approximately 1 million, and this is expected to increase to 2.5 million in the next 10 years. Currently, there are approximately 150 million elderly people in India, a number expected to rise to 230 million in the next ten to twelve years.

Mr. Anshuman Magazine, Chairman & CEO – India, Southeast Asia, Middle East & Africa, CBRE, said, “India’s senior population is expected to experience a remarkable growth of 254 percent, making the country the fastest growing demographic segment globally. By 2050, India is expected to be home to up to 340 million seniors, representing about 17 percent of the world’s elderly population. India has experienced a significant increase in the number of senior housing 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, highlighting the rising demand for customized care and lifestyle choices among the elderly. They see strong potential for continued growth and innovation, as evidenced by their plans to expand their reach in urban areas and target affluent households. Forecasts for this sector remain optimistic, with growth expected in both major cities and secondary markets. Developers are poised to leverage this increasing demand by launching new projects, improving facilities and forming strategic alliances to provide holistic senior living solutions.

Wadhwa Group, in partnership with Primus, is at the forefront of this shift and is developing ‘Primus Swarna’, a premium senior living space within the sprawling Wadhwa Wise City Panvel. This project is aimed at realizing active senior housing within an integrated municipality. The senior homes are designed to be elderly-friendly, taking into account the unique needs of the residents. At ‘Primus Swarna’, the residents will be provided with various services including proactive medical care, on-site restaurant, concierge, cleaning and maintenance services, easy access to emergency healthcare, 24×7 security, CCTV cameras etc. In addition, there is a a range of diverse activities will be provided for residents to give them the opportunity to pursue their passion; while staying mentally and physically fit.

Mr. Sandeep Sonthalia, CEO, Wadhwa Wise CityHighlighting the unique benefits of this partnership, he said, “Given our combined strengths, this project will effectively cater to the senior living community in Mumbai, with a blend of modern amenities and community living. Our goal is to create a community that supports active aging, where seniors can enjoy their independence while being part of a vibrant, integrated township.”

Further up the coast, Prescon Group has partnered with Manasum Senior Living to launch IKIGAI Goa, a luxury senior living community near Panjim, Goa. This project places an emphasis on holistic living, offering a mix of luxury and wellness facilities designed to promote a long, fulfilling life.

Mr. Vinay Kedia, Director at Prescon Group, emphasized the vision of the project. “At IKIGAI Goa we don’t just build buildings; we create a lifestyle. Our community is built around the Japanese philosophy of meaningful aging, with services and amenities that promote social interaction, physical activity and emotional well-being,” he explains.

India’s senior housing sector is still in its nascent stages compared to countries like Britain and the US. However, with continued investment and development, the sector is expected to experience robust growth, appealing to high-income groups and expanding into urban and second-tier cities. The expansion of this segment is not just about real estate development but also about promoting community and improving the quality of life of India’s elderly.

As India’s senior housing market matures, these developments are just the beginning of a major transformation in how the country cares for its elderly population, promising not only growth but also a better quality of life for its seniors.