India has more than 10,000 senior living units, and their numbers are growing, mainly in the South, with the increasing demand for houses with allied amenities for older people, according to the UK-based global real estate services firm Jones Lang LaSalle Incorporated (JLL).

JLL, in its report “The rise of the senior living market in India” in 2023, noted that senior living projects are being launched each year in the country, mainly in South India. However, the market’s full potential has not been realized, with a penetration of less than 1 per cent, and it is offering a huge opportunity.

Kerala-based real estate developer Asset Homes has recently partnered with Columbia Pacific Communities, one of the leading senior living housing operators, to build around 1,000 units across various projects in Kochi, Kozhikode, Kottayam, and Thiruvananthapuram in FY2024-25.

The report noted that of the country’s thousands of real estate developers, only a few work in the senior living segment. Some 10 senior living operators collectively hold around 50 per cent of the senior market share, presenting immense growth opportunities.

The findings assume significance as India’s senior population is expected to be around 20 per cent of its total population by 2050. Acknowledging the challenges for senior citizens, Niti Aayog, in a recent report, has recommended several measures to ensure better social protection and health care and changes in the reverse mortgage rules for their financial security.

It is expected that due to the rising senior population, there will be a higher need for senior-specific products and services, from senior living and healthcare to allied services.

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Some Reasons Behind Growing Trend For Senior Living Homes: 

Nuclear Families: 

Nuclear families are becoming the norm due to the ease of mobility, opportunities for jobs, children’s education, and other considerations. The necessity to move out for work has pushed more people into nuclear family living. Hence, to cater to senior citizens’ personal, emotional, and healthcare needs, left behind by their children and relatives or have limited time to care for them, senior home operators offer a lifestyle that caters to all their requirements—consequently, more and more such people opting for elderly dwelling places.

Healthcare Needs:

Healthcare is the biggest challenge in old age. Senior homes offer nutritionally assisted meals, independent and assisted living, and various social activities to keep them in good spirits to fulfill their medical, emotional, and social needs; hence, more people are signing up.

Longer Life Expectancy And Needs: 

With improved medical facilities, life expectancy has increased. So, to address the old-age needs, senior homes offer various modern solutions. Rules require home developers to incorporate new construction guidelines regarding the building structure to cater to older people’s needs.

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Financially Independent:

People with pensions and modest retirement corpus are choosing senior homes to spend the rest of their lives. They also opt for an old-age home if their children no longer stay with them and need company to avoid boredom and loneliness. However, it is more common in metros than in smaller cities.

Growing Acceptance Of Senior Living: 

Moving from a joint to a nuclear family and, after that, to a senior living home is no longer seen as bad; there is a greater social acceptance now. Hence, the demand and the supply for these homes are picking up. However, the affordability of these homes is a big issue. Senior homes come at a premium compared to other housing projects, according to the JLL report.