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Senior Housing is becoming one of the most undermined sectors, witnessing a rising surge with approximately 16,000 homes estimated in the year 2030. As India’s senior citizen population hits 174 million and continues to grow, it has now become a trend to accommodate them.

Studies say the senior housing market is transitioning from being a relatively unique sector to a more mainstream focus area. A distinct need for dedicated communities has been witnessed due to altered family structures and longer life expectancies.

Today, nuclear families and children settling in abroad have created a demand for professional facilities which both offer independence and access to care and amenities. By 2050, India’s elderly population is expected to exceed 300 million, creating long-term demand for specialised housing.

Despite the demand in India, the market seems to be underdeveloped, with a huge potential lurking in comparison to other countries that have much better experience in establishing senior community homes. The gap can be lessened only with a different approach, with a new direction that focuses on building trust and service-centric communities that provide improved quality living experiences.

Today, the stigma on ‘Old Age Homes’ is slowly shifting to all about independent living and vibrant communities. As a result, senior housing has transformed into a self-sustained ecosystem. Urban cities like Chennai, Kolkata, Coimbatore, and Hyderabad are showing a steady increase in owning these senior communities.

The number of such facilities is based on the Assisted Living concept, offering round-the-clock health care supervision and professional care services in addition to strong community backing.

The need of the hour is to provide awareness among both consumers and service providers to scale sustainable solutions for healthy ageing in India. Community living has better charm where complete meals, health needs and more importantly, social interaction between people of the same age make the difference.

At present, there is a greater demand for ready-to-move-in living communities, and current developers are experiencing high absorption levels and long waitlists.

In terms of investment, senior housing provides a stability usually not to be found in the conventional housing market. This is due to steady demand and a stronger revenue stream by including housing, hospitality, wellness and health care services, which has been one of the major factors drawing the attention of established investors.

Moving forward, the sector is likely to evolve into creating community-driven ecosystems where the elderly can live in an active, independent and dignified manner. Developers identifying this evolution should imbibe and partner with the right people to make this one of the most important thriving sectors in India.

The author is co-founder, director, and group CEO of Lifebridge Group.

Views expressed in this article are those of the author and do not purport to reflect the opinions or views of THE WEEK.