COLUMBUS: A major retirement community developer is in discussion over a joint venture development in India.
A generation of Indians are increasingly breaking the custom of multi-generational households.
There are currently more than 100 million Indians aged 60 and above, and that is projected to rise to more than 300 million by 2050, when they will make up about 20% of the population, according to the charity HelpAge India.
This growing “dependency ratio”, along with better purchasing power among the elderly, are among the factors said to be fuelling the demand for senior housing.
Manish Kumar, a strategic consultant with real estate company Jones Lang LaSalle India, said the current annual demand for such projects was estimated to be at 312,00 units, but only 10,000 to 15,000 units of new supply are being planned.