With India’s elderly population expected 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 currently working on two areas. One is new policy. We came up with a policy on older people in 1999 and are in the process of developing a new policy after extensive consultation with stakeholders. This policy will give us a direction for the next 25 years,” Yadav said.
The second part is an amendment to the Maintenance and Welfare of Parents and Elderly Persons Act 2007.
“This is to ensure that the challenges and opinions received over a period of time are reflected in. So these are the big things that the government is trying to do, and this reflects the government’s intentions and how the country is preparing. It’s very clear that we’re doing this to our senior citizens,” Yadav said.
According to ASLI, the government should establish a single nodal agency to streamline the process so that developers of senior housing projects do not have to go through multiple authorities to resolve issues. .
Rajit Mehta, Chairman and CEO of ASLI, said, “In city master plans, authorities should identify areas exclusively for senior citizens. “We need more states to come forward.” , Antara Senior Care.
The industry also calls for rationalization of GST and promotion of reverse mortgage scheme. “Developers of senior housing projects have to pay 18% GST on services provided, which needs to be reduced. So finances are also an issue. So we reverse. Banks should provide loans for medical services to elderly homeowners,” said Ankur Gupta, co-founder of ASLI and co-managing director of Asiana Housing. he said.
According to the Longitudinal Aging Study of India (LASI), 26.7% of urban seniors live alone, with a spouse only, or with non-immediate relatives, and there is an urgent need for specialized senior living solutions. This is becoming clearer.
The Indian senior housing market is on the cusp of a revolution, with a current penetration rate of 1.3%, revealing vast untapped potential. While this number pales in comparison to mature markets such as the US and Australia, where penetration rates are soaring above 6%, it highlights the immense opportunity for growth and innovation in India.
