With India’s senior population projected to more than double from 156.7 million in 2024 to 346 million by 2050, the need for comprehensive reforms has never been greater.
“The ministry is right now working on two areas. One is a new policy. We had come up with a policy in 1999 on the seniors, and after wide consultation with stakeholders, the new policy is in the making. The policy will give us direction for the next 25 years,” said Yadav.
The second part is the amendment to the Maintenance and Welfare of Parents and Senior Citizens Act 2007.
“This is to ensure that challenges or inputs that have been received over the period of time get reflected. So those are the big things that the government is trying, and that shows very clearly the intent and the way the government is preparing the country for the senior citizens,” said Yadav.
According to ASLI, the government should establish a single nodal agency to streamline processes, ensuring developers of senior living projects don’t have to navigate multiple authorities to resolve issues.
“In the master plan of the city, the authorities should identify the areas dedicated for senior living. Some of the states have come up with a policy, and more states need to come forward,” said Rajit Mehta, chairman, ASLI, and CEO, Antara Senior Care.
The industry is also calling for GST rationalisation and the promotion of reverse mortgage schemes. “Developers of senior living projects have to pay 18% GST on the services offered, which needs to be reduced. Finances is also an issue, as a very small percentage has access to a pension. That’s why we are pushing for reverse mortgages, where banks should give loans for health services to senior citizen homeowners,” said Ankur Gupta, co-founder, ASLI and joint managing director, Ashiana Housing.
The Longitudinal Ageing Study of India (LASI) has said that 26.7% of urban elderly live alone, with only their spouse, or with individuals other than their immediate family, underscoring the urgent need for specialised senior living solutions.
India’s senior living market stands on the cusp of a revolution, with its current 1.3% penetration rate revealing a vast, untapped potential. This figure pales in comparison to mature markets like the United States and Australia, where penetration rates soar beyond 6%, highlighting an immense opportunity for growth and innovation in India.