India’s politicians and businessmen who’ve been exulting over having the highest number of youngsters in the population mix better beware. It’s just a matter of time before this ‘demographic dividend’ turns into a demographic nightmare. And going by the latest report on the subject, it may be far too soon than you think.
A new report says nearly one-fifth of the world’s elderly population will be in India by 2050. Presently, just 10 lakh of them can be accommodated in senior living facilities, which, according to the report by realty consulting agency CBRE, will best increase to 25 lakh over the next 12 years or so.
“India’s senior population is expected to experience a remarkable 254 per cent growth, making it the fastest-growing demographic segment globally,” said Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East and Africa, CBRE. “By 2050, India is projected to house up to 34 crore seniors, constituting approximately 17 per cent of the world’s elderly population.”
The estimate is conservative, as reports by the UN as well as the Indian industry body CII a couple of years ago actually calculated the number to be more, saying one in every four Indians will be a senior citizen by the same period.
A report in The Lancet a few years ago noted that the life expectancy of the average Indian had risen by 10 years since 1990 — from 59.6 years to 70.8 years.
But if you believe the real estate guys, it is only an opportunity waiting to be seized, through projects aimed at senior living, senior medical care and more. The senior living sector in India is nascent as yet, with the south a bit more evolved, though real estate companies in the north and west have woken up to the possibilities in recent years.
“India has experienced a significant surge in the number of senior living projects over the past decade, reflecting the growing acceptance and demand in this sector,” added Magazine.
Suburban areas outside of major urban centres are the preferred spots for realty majors to set up senior living facilities. From places like Panvel outside Mumbai to Bhiwadi outside Delhi NCR, companies like Ashiana to Wadhwa group have come up with projects exclusively for seniors. Also getting popular, at least for those who can afford it, are luxury senior communes in Goa.
“We are not just constructing buildings; we are crafting a lifestyle. Our community is built around the Japanese philosophy of meaningful ageing, with services and amenities that encourage social interaction, physical activity, and emotional well-being,” said Vinay Kedia, director of Prescon Group, which has partnered with Manasum Senior Living to launch the luxury senior living community called Ikigai near Panaji in the sunny state.
In December 2020, the centre came out with a draft National Policy for Senior Citizens, with appropriate regulations and standards, tax structures, policy support and subsidised financing. Ayushman Bharat has provision for an Asha worker to check on senior citizens, at least on paper.