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Assisted Senior Living Picks Up Pace In India, But Will It Be Widely Accepted?

The senior living housing market in India mainly caters to the upper-mid and high-end price segments; however, developers are looking for ways to make assisted living affordable to all.

July 6, 2024
July 6, 2024
Senior Living Homes

Senior Living Homes

The number of people above the age of 60 is set to double from about 11 per cent of India’s population in 2024 to around 21 per cent in 2050, according to a report by the Indian wing of Colliers International, a leading global real estate developer and consultant. The report highlighted that with the increase in the ageing population, the demand for senior living services in medical, insurance, and housing, among others, has been growing steadily.

The report finds that “assisted living” is among the fastest-growing services in India, offered primarily by private developers in 1-to-3 BHK apartment blocks and villas. Assisted living is an additional service or facility developers provide to senior citizens tailored to their needs, such as housekeeping in individual units, medical coordinators, physiotherapists, nursing attendants, avenues for physical activities, emergency response, maintenance and management services, etc.

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Read More: How Is India’s Senior Care Landscape Shaping Up For The Future?

Of late, several senior living companies in India have witnessed significant growth in the demand for specialised facilities. For instance, Antara Assisted Care Services, a senior living provider, says the pandemic has accelerated this demand as families seek safer, reliable options for their elderly loved ones. Antara’s “Care at Home” services, which provide seniors with a portfolio of healthcare assistance at their homes, have seen a rapid increase in interest.

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Similarly, Manasum Homes Senior Living is seeing substantial growth. Building on the success of its flagship project, Manasum Avighna, launched in 2020 in South Bangalore, it has introduced two other projects, Banyan at Godrej Royale Woods in North Bangalore (2023) and IKIGAI Goa, both of which, they say, are garnering positive feedback from the community.

Likewise, Jenika Ventures has seen a rise in demand for a community-focused, supportive living environment for senior citizens.

While the Indian market for assisted living is still emerging, and new players continue to serve the growing demand, there is ample headroom to accommodate more players and services for elderly care.

Read More: Senior Citizens’ Care: 5 Areas That Need Overhauling

Services and Quality of Assisted Living Housing Complexes

Assisted living facilities offer independent living with access to tailored services such as:

1. Personalised Care Services:

– 24/7 medical care with nurse call buttons

– Support with everyday tasks, including dressing, washing, and taking medications

– Frequent health and wellness check-ups

 

2. Comfortable Living Spaces

– Spacious, fully furnished apartments equipped with emergency call systems

– Services for washing and housekeeping

– Upkeep of shared spaces and residences

 

3. Nutritious Dining Options

– Three wholesome meals cooked by a chef every day

– Special dietary requirements

– Dining areas that promote conversation

 

4. Recreational Activities and Social Engagement

– An extensive selection of leisure, cultural, and social activities

– Fitness and exercise regimens

– Organise trips and activities

– Movie screenings, game evenings, and arts & crafts workshops

 

5. On-site Amenities

– Pools and fitness centres

– Reading rooms and libraries

– Barbershops and beauty salons

– Gardens and trails for strolling outside

 

6. Safety and Security

– Round-the-clock guards and surveillance equipment

– Every dwelling unit has an emergency response system

– There are safe access and departure points.

Antara Care, Jenika Ventures, and Manasum Homes offer either some or all of these services in their facilities.

Read More: Independent Living Vs Retirement Community: Which One Should You Opt?

Affordability and Accessibility:

With close to 20,000 units in the organised senior living sector, their overall market penetration is a mere 1 per cent. The current demand for senior housing stands at 18-20 lakh units, which is likely to increase in the next five years, indicating a huge gap between supply and demand, the report states.

There could be three reasons behind this uneven landscape:

– There are a limited number of developers that focus on the senior living segment in India

– Senior living is majorly preferred by the elderly who can manage their daily activities independently but seek the convenience of community living

– Currently, organised senior living sector supply in the country mainly caters to the upper-mid and high-end segment

“While we prioritise providing seniors with certain curated services and amenities that enhance their quality of life and offer exceptional experiences, we acknowledge that these offerings contribute to higher costs compared to providers without similar facilities,” says Ishaan Khanna, CEO of Antara Assisted Care Services, presenting his picture of the senior living market in the country. However, Khanna adds, “We believe our pricing remains competitive when considering the overall cost of living in our operating micro-markets.”

Currently, Antara Senior Care’s services target those who appreciate and can afford a certain standard of living. “The senior care industry is still developing, with providers exploring various niches and strengths,” Khanna states.

However, developers are looking for ways to bring down the prices of senior living services so that they can be widely adopted by the elderly. They extend financial assistance programmes and partnerships to help families afford such services.

“We provide a variety of price alternatives based on various income brackets and financial capacities,” says Abhishek Raj, Founder & CEO of Jenika Ventures.

“We are actively exploring government schemes and subsidies aimed at senior living projects to further reduce costs for our residents,” says Anantharam Varayur, co-founder of Manasum Homes Senior Living.

 

Future of Assisted Living In India

“Our next projects involve building state-of-the-art assisted living homes with cutting-edge features and individualised care services,” says Raj of Jenika Ventures. They are currently looking to improve their offerings by collaborating with geriatric care specialists and healthcare providers.

Bangalore-based Manasum Homes has many projects underway. “We are planning to develop 2,500 units in the next two years, focusing on luxury and assisted living segments,” says Varayur of Manasum Homes Senior Living. It has partnered with Prescon Homes Pvt. Ltd. to expand its offerings.

With three care homes in NCR–two in Gurgaon and one in Noida–and a total capacity of 115 beds, Antara Assisted Care Services is looking to add another 100 beds in Gurgaon in FY25. “In Bengaluru, we have finalised plans for two care homes, totalling 170 beds, with 85 beds expected to be operational in Q2 FY25 and 85 beds undergoing fit-outs for launch by H2 FY25. Explorations are on for building a capacity of 200 beds in Chennai, anticipated to launch in FY25,” informs Khanna.

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