New Delhi, Nov 15 (PTI) Senior living market offers a huge potential for investment and development with share of the elderly in the country's total population estimated to double at 20 per cent by 2050, according to JLL India.
The country's population is estimated to reach 1.7 billion (170 crore) by 2050 from the current 1.4 billion (140 crore), real estate consultant JLL India said in its report released on Wednesday.
"With current population of over 0.1 billion (10 crore) seniors in India, there is a significant untapped opportunity for investment and development in the senior living sector." "In contrast to some of the developed economies, India is still in the early stages and therein lies the opportunity," the report, titled 'The rise of senior living market in India', stated.
The need for senior living is driven by increase in nuclear families, greater mobility due to career/ employment opportunities and increased requirement of senior care services, it said.
"Elderly/senior population share in overall India population is expected to reach 20 per cent by 2050 from current 10 per cent," the report said.
By 2050, the number of dependent adults will be equivalent to the number of dependent children, the consultant said.
"This increase in the elderly population will have a marked sociological impact and an increased elder care requirement," JLL said.
The report highlighted that senior living properties in India command an average premium of 10-15 per cent over regular residential pricing. This is because of the amenities and services offered in senior living projects by the developers.
"Currently, almost half of the senior living projects in India are in the range of Rs 4,000 to Rs 6,000 per sq ft," the report said.
However, the premium projects are priced above Rs 8,000 per sq ft having a share of 18 per cent in the market, it added.
The report has identified the top senior living operators, including Columbia Pacific Communities, Vedanta Group, Ashiana Housing, Paranjape (Athashri), Primus, Antara, CovaiCare, and Prarambh Buildcon, holding a combined market share of over 50 per cent in the overall supply. PTI MJH TRB