New Delhi / November 2024: India’s demographic landscape is undergoing a significant shift, with the elderly population rapidly expanding. By 2050, the country is projected to have the world’s second-largest elderly population, necessitating a robust senior care infrastructure. The 5th ASLI Ageing Fest, scheduled for December 6, 2024, in Bangalore, will delve into this critical issue, focusing on the readiness of India’s senior care sector. Ahead of the event, relevant stakeholders offered their comments on the issue.
Amit Yadav, Secretary, Ministry of Social Justice & Empowerment, said, “Ensuring safety and security for all, particularly vulnerable populations like seniors, is a top priority. This encompasses not only physical protection but also financial security, safeguarding against cybercrimes, and addressing mental well-being. Collaboration between government agencies, police departments, and various stakeholders is crucial to address these concerns. We are working on modifying our current National Policy for older people who are 25 years old. Along with different stakeholders we will soon come up with a new Policy which will focus on empowering the senior Citizens of the country.”
Rajit Mehta, Chairman, ASLI and MD & CEO, Antara Senior Care, said, “With the senior population in India projected to surpass 300 million by 2050, making up nearly 20% of the total population, the demand for comprehensive senior CARE solutions is set to increase dramatically. Presently only 5% of India’s elderly have access to institutional care, and over half live without social security. With a significant gap in geriatric healthcare services as well — less than 0.7 hospital beds per 1,000 elderly — it is imperative that we build inclusive, accessible, and sustainable senior care models. Wellness and Healthcare should be a key focus, integrated seamlessly with housing solutions that prioritize safety, comfort, and community support. Social integration must be emphasized to combat isolation and foster well-being and connectedness among the elderly. By doing so, India can build a framework that not only meets the needs of its aging population but also enriches their quality of life, making their golden years joyful.”
The government is prioritizing the well-being of senior citizens, with a focus on their safety, security, and financial stability. The Ministry of Social Justice & Empowerment is working on a revised National Policy for Older Persons to empower this growing segment of the population.
Ankur Gupta, Co-Founder, ASLI and Joint Managing Director, Ashiana Housing, said, “The Longitudinal Ageing Study of India (LASI) reveals that 26.7% of urban elderly live either alone, with only their spouse, or with people other than their spouses or children, highlighting the pressing need for specialized senior living solutions. This trend is especially significant given the rising number of single seniors, particularly women, who have longer life expectancy, and a shift in societal attitudes toward more independent living arrangements. As awareness and acceptance of senior living solutions rises, this sector which is currently at just 1.3% market penetration presents an unprecedented opportunity for developers and investors alike to build quality-driven solutions. As per JLL-ASLI report a compound annual growth rate of approximately 27% is projected, which presents a unique opportunity for India to develop a robust, compassionate senior care ecosystem that not only meets the evolving needs of its elderly population but also fosters sustainable, long-term industry growth.”
Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, stated, “India’s senior living sector is on the cusp of a revolution. By 2030, we are looking at a target market of 2.3 million households, up from 1.57 million in 2024. This is not just about numbers; it is about a new generation of seniors who are redefining retirement. They are independent, financially secure, globally aware, and socially active. We are forecasting a doubling of senior living inventory in just six years, with market penetration jumping from 1.3% to 2.5%. But here is the kicker – even this dramatic growth will not meet the surging demand. This gap is not just a challenge; it is a golden opportunity for long-term growth in this vibrant, emerging sector.”
Karan Singh Sodi, Senior Managing Director – Mumbai MMR & Gujarat, and Head – Alternatives, India, JLL, said, “India’s senior living market is at a transformative juncture, presenting a landscape ripe with opportunity. With a current penetration rate of just 1.3%, compared to over 6% in mature markets like the United States and Australia, we are witnessing the dawn of a new era in senior care led real estate development. This rapid expansion is underscored by the establishment of over 20,000 specialized units across the nation in the past decade, marking a significant shift in India’s approach to elder care. Despite over USD 40 million in institutional investments in the last two years, the market remains in its nascent stages. The sector’s current developmental phase, characterized by regulatory, operational, and awareness challenges, only enhances its appeal to strategic investors looking for high-growth potential. The coming years will see innovative solutions, increased investment, and a fundamental reimagining of senior living in India.”