Senior housing gearing up for a significant surge in demand – Here’s why
In a remarkable shift, India’s real estate landscape is gearing up for a significant surge in demand, with a particular focus on senior housing. Currently, the delivery space is abuzz with 50 projects in progress from the top 12 players, and an astonishing 60% of these ventures are strategically positioned in tier 2 cities, as revealed by ASLI (The Association of Senior Living in India), which has presented a white paper in association with PWC.
This surge in demand is not merely a trend; it’s a forecasted boom driven by the country’s rapidly-expanding elderly population. Projections indicate a staggering demand for approximately 2 lakh units of senior living accommodations in the coming years, promising a housing revolution for seniors nationwide, the report says.
Ankur Gupta, joint managing director of Ashiana Housing and co-founder of the Association of Senior Living, said, “We’re diving into the senior care industry – a booming sector as India’s population grows. Our goal is to empower entrepreneurs to understand the world of seniors and uncover the vast potential for startups in this field. The Association of Senior Living currently takes care of over 2 lakh seniors approximately, turning senior care into an inspiring, innovative journey.”
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Interestingly, the spotlight of this surge is shining brightly on tier 2 and 3 cities, where the demand for specialized housing for seniors is expected to outpace the available supply. This presents both challenges and opportunities for real estate developers eager to tap into this burgeoning market.
“The senior care industry in India holds immense potential, but we acknowledge the challenges it
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