Affordability, location accessibility, safety and security to drive senior housing in India
Affordability, location accessibility, safety and security, land value and involvement of expertise in operations and maintenance of the communities are the key factors that drive senior living communities in India, says Colliers research report.
The report says that demand for senior living in India is expected to rise in the coming years. In fast-developing countries where seniors have a smaller presence, they face difficulties as many of their younger relatives continue to work overseas and are largely unable to attend to the immediate needs of elderly parents. In such scenarios, more infrastructure will be needed to cater to rising number of seniors who will be residing independently and are in need of different degrees of daily assistance and medical care, it adds.
“Few factors in Indian scenario such as concern in the maintenance of properties during retirement days, restricted income source for seniors, rising crime rate against elderly people, emotional challenges such as lack of companionship and security, and other healthcare aspects should drive the need for senior housing in India in coming days. However, the market will take its own time to adopt the trend, considering the Indian system of living”, says Ravi Ahuja, Senior Executive Director, Mumbai & Developer Services at Colliers International India.
As per Census of India, 2011, India had about 98 million elderly citizens, which are likely to grow in future. Also, the overall life expectancy is also on the rise giving the urge to address retiree’s demand in the country.
According to Colliers Research, the major senior housing categories that have emerged thus far can be summed up as housing developments for active seniors, in-home care, assisted living facilities and skilled nursing facilities. Developers such as Ashiana housing, Brigade, Athashree, Vedaanta are experimenting with these projects. While the senior living market is minuscule, the demand will grow in future, owing to factors such as growing awareness among seniors about the benefits of living in senior housing and numerous facilities offered by them.
“Most of the living projects in India follow outright sales, pay-back schemes and lifetime lease models at present. However, factors like affordability, location accessibility, safety and security, land value, involvement of expertise in operations and maintenance of the communities, etc. will be the key factors driving the success of senior living communities in India in coming days”, says Surabhi Arora, Senior Associate Director, Research at Colliers International India.
At present, the senior living projects are making their advent in Indian cities such as Delhi, Bengaluru, Chennai, Pune, Kochi, Coimbatore, etc.
According to recently released Colliers Research report on Senior Housing Outlook 2018, countries such as Japan have grappled with an ageing population for some time, others are just beginning to realise that they will need to act quickly in order to address ageing-related issues. Macau and Singapore, for example, will see their senior populations skyrocket by 301 percent and 195 percent, respectively, by 2050.