India is witnessing a significant shift in the dynamics of senior living, driven by changing societal norms and the increasing nuclearisation of families. Traditionally, senior living was confined to the southern states, but it is now expanding nationwide, reflecting a broader acceptance and demand for specialized housing for the elderly.
Unlike in the United States, where leasing is the dominant model, Indian seniors overwhelmingly prefer to purchase their homes. This preference is rooted in cultural values and the desire for stability and ownership. The market for senior living in India is projected to grow fivefold over the next six years, yet it will remain undersupplied, with penetration expected to reach just 3% by 2030. This is significantly lower compared to some developed countries, where penetration rates can be as high as 10%.
A notable trend is the early adoption of senior living options by individuals in their early 60s. These seniors are not waiting for medical needs to arise but are proactively choosing independent units to enhance their quality of life. This shift indicates a growing awareness and acceptance of the benefits of senior living communities, which offer not only medical support but also social engagement and a sense of community.
Developers are increasingly targeting growth in culturally and spiritually rich locations, such as temple towns like Varanasi. These areas are becoming popular among seniors who wish to spend their later years in environments that offer cultural enrichment and spiritual fulfilment. This trend highlights the importance of location and cultural context in the decision-making process for senior living.
Despite the growing demand, the senior living market in India faces several challenges. The supply of senior living units is not keeping pace with the demand, leading to an undersupplied market. Additionally, there is a need for policymakers to create supportive frameworks that encourage the development of senior living communities. This includes addressing regulatory hurdles and providing incentives for developers.