Senior Population in India
It is estimated that there are over 110 million people in India who are over the age of 60 today. This is anticipated to grow to 170 million by 2025 and to over 250 million by 2040. Out of the 110 million seniors today, 27 million are estimated to require some form of assistance with their daily activities of life (Assisted living). We have approximately 6 million known cases of Dementia or Alzheimer’s with practically no infrastructure to provide care.
Senior Living Market in India
The Senior Housing industry as it stands today is in its very nascent stage. While most of the developers in the space are providing Quasi Independent Living Housing solutions, there are a few that have ventured into the realm of Assisted Living Services.
Signature estimates that there are less than 50,000 Senior Housing Units already in operation or under development. These developments are sporadic over the country with some preferred pockets like Coimbatore, Bangalore and Pune where one will find clusters due to favorable climatic conditions and pricing.
As stated earlier, some builders and developers have ventured into the senior housing space offering Independent living for sale units. Most of these developers have also undertaken the task of providing basic senior services such as Dining, Basic housekeeping and maintenance and security. These services are provided to the residents of these senior communities for a basic monthly dining and maintenance fee. The service charge model is varied across the geography and is based on the builder/developer/service provider philosophy.
In the table that follows, we have attempted to capture in brief, information on most of the parameters of Senior Housing in India as of date.