Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
JLL's recent report, "The Rise of Senior Living Market in India," underscores the increasing potential in India's senior living sector, which currently has less than a 1% market penetration, in stark contrast to over 6% share in mature markets like the US. Southern cities dominate this landscape, securing an impressive 68% share, with the west following at 14%, north at 10%, east at 4%, and central India at 2%. Independent living units take the lead, constituting 84% of the existing supply, while 2 BHK units represent 43%. This market sees a notable average premium of 10-15% over regular residential pricing due to specialized amenities tailored for seniors. Key drivers for senior living demand include the surge in nuclear families, increased career mobility, a growing need for medical services, and evolving perceptions of this asset class. Despite the popularity of home care services, bespoke senior living communities gain traction, providing a holistic ecosystem encompassing medical care, wellness, and social bonding opportunities. India's early-stage position in this sector offers significant growth potential as the senior-citizen population is set to rise. Projections indicate a substantial shift in the senior population share, rising from 10% in 2023 to an anticipated 20% by 2050. This demographic change forecasts an increased age dependency ratio of approximately 34% by 2050. Currently, senior living operators such as Columbia Pacific Communities, Vedaanta Group, Ashiana Group, Paranjape (Athashri), Primus, Antara, Covai Care, and Prarambh Buildcon collectively hold over 50% market share. For market expansion, government support is pivotal, necessitating insurance and subsidized loans for senior living projects. Furthermore, developers seek incentives and policies to tap into the rising trend of early retirement in India, aligning with more mature senior living markets. In India, 84% of the current supply comprises independent living units, favouring outright sale models. Additionally, 43% of the supply features 2 BHK units, reflecting prevailing product typology. The synthesis of these factors underscores the dynamic landscape and promising future of India's senior living market. In conclusion, JLL's report sheds Light on India's Senior Living boom, signifying southern cities' dominance and enormous growth potential. Independent living prevails garnering 84% supply. With evolving Demographics and rising Government Support, India's Senior Living market sets the stage for remarkable expansion.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
