As elderly population in India is expected to reach 300 million marks by 2050, it will open up immense opportunities. The senior living segment will soar to 40-50 billion USD market, up from 12-15 billion USD market by end of this decade. The segment is expected to open a massive demand for 2 lakh units of specialized housing for elders over the next few years. with demand likely to outstrip supply in many places, especially in Tier 2-3 cities. In delivery service, there are currently 50 projects in process for the top 12 players, 60 of which are in Tier 2 cities. Torbit Realty pieces together the views of top professionals in the senior living segment……Vinod Behl
Ankur Gupta, Co-Founder ASLI & JMD, Ashiana Housing
Senior living is on rise due to societal needs and there is a growing recognition among buyers and investors regarding the importance of senior housing. This sunrise sector underscores a commitment to sustainability, accessibility and technology. Senior living projects go beyond traditional housing, offering tailored facilities and services including health services, recreation facilities and security, ensuring comprehensive care and vibrant social life with a sense of belongingness.
Purchasing a home in a senior-focused project allows individuals to navigate their golden years with dignity and comfort, surrounded by the specialized support they truly deserve and to age in place comfortably.
Neha Saraf, ED, Morgan Stanley
Senior living /Elder care sector is very large with humongous opportunities and yet it is at a very nascent stage. We need to first understand the need and want of this sector and then begin with addressing the need first and it will itself graduate towards the want. This is a vulnerable population that needs to be provided services and products which are not evident.
We need to establish standards of service offerings for this vital segment of society. We have done it in medical and education sector. Similarly, we should establish a framework for senior care.
Karan Singh Sodi, Senior MD, Head, Alternatives India JLL
The key to growth of senior living sector is to promote community living to provide active and fun-filled life to seniors rather than putting too much focus on assisted living. Post- Covid, developers have realized the need for more community living. But they need to create innovative and unique concepts for gated senior living.
Considering the growing trend of multi families, there is a need to promote rental housing for seniors. Also, because HNIs want investible product in senior living. As such there is a need for a rental policy incentive for end-users in senior living space.
Sumit Anand, CEO, Airport Land Development, GMR
At GMR, real estate development has a rental yield model. To us, senior living is not just real estate but long-term service apartments. Our experience of managing long-term service apartments will help us manage rental senior living.
In contrast to global scenario, residential yield in India has been low compared to commercial real estate yield. However, over the last 3 years because of more demand for rental housing, the yield has gone up. Our focus on service component will give us delta yield in senior living.
Abhishek Yadav, Director Quadria Capital
From investment standpoint, there is a lot of demand for senior living/senior care. Seniors constitute a potential segment with disposable income and are willing to pay for right kind of products and services. Moreover, these products and services need to be accessible, affordable and credible. An ecosystem is being built around that. There is a need to focus on various aspects of eco system to ensure that all elements are there in an integrated model format.
For making most of the large opportunity presented by senior living, we need to develop ability to convert unorganised market to an organised market.
Rajiv Bajaj, Chairman & MD, Bajaj Capital
In order to effectively cater to the needs of seniors, the philosophy and psychology of ageing nneds to be looked into. Elders want physical, mental, and financial independence. Considering this, we have integrated our senior care business integrated into our wealth management business. There is a need to have a supporting ecosystem to meet the needs of senior citizens.
Rajit Mehta, Chairman-Elect, ASLI & MD & CEO, Antara Senior Living
Considering that the spectrum of service offerings for senior living and senior care is quite large, there is a huge potential for this segment. But the challenge is to craft a proper model to realize this potential. Especially as seniors are not a homogeneous community in terms of age and social and health status. Their needs are also quite diverse. Many of them want community living with an active and healthy lifestyle. So, we are required to create an eco-system where their needs are met, especially creating a vast network of caregivers in the community.