India's senior living segment is expected to encounter a demand for two lakh units of specialized housing for elders over the next few years, with demand likely to outstrip supply in many places, especially in tier II and III cities, according to Association of Senior Living India (ASLI).
“The senior care industry in India holds immense potential. We acknowledge the challenges it faces, be it regulatory frameworks or infra development. We are dedicated to advocating transformative approaches that prioritize wellbeing and dignity of senior citizens," said Adarsh Narahari, Chairman, ASLI and Managing Director, Primus Senior Living, at the 4th ASLI Ageing Fest in the national capital on November 17.
He said that the spending power of senior citizens in India is increasing and by 2030 it is expected to reach $1 trillion, so the scope of senior living in the country is huge though at present it is in starting phase.
ASLI Ageing Fest was attended by investors, representatives from central government and other stakeholders to innovate and collaborate in the senior care sector.
Saurabh Garg, secretary, Ministry of Social Justice and Empowerment, said that there are more than 640 senior citizen homes in 360 districts across the country that are being run by the central government and there is need to create more.
“Our aim is that there should be at least one senior citizen home in each districts across the country so the people who are poor also have the opportunity to age with dignity. It will be useful to prepare an inventory of existing senior citizen homes run by central and state governments, NGOs and other private players so that people depending on their financial status know possible options before them,” he said.
Ankur Gupta, co-founder, ASLI, and joint managing director, Ashiana Housing Limited, a listed real estate company that has a presence in the senior and assisted living segments, said that there are currently 50 senior living projects in process from the top 10-12 players and 60 percent of which are in tier II cities this shows the rising demand even in tier II-III cities.
“There is huge demand while the supply is short. At present, there is very less ready to move in inventory available in senior living projects,” he said.
Vinod Paul, Member NITI Aayog, said that senior living is gaining importance in India and with this are also coming new challenges and opportunities.