Senior living segment may soon get a new player. Hospitality startup Oyo is planning to foray into assisted-living communities for senior citizen in the future.
Oyo may enter the senior living segment through its real estate arm Oyo Life which is a co-living firm targeted at millennials and young working professionals.
“Assisted living for senior citizens could be a natural extension for our business,” said CEO of Oyo’s New Real Estate Businesses, Rohit Kapoor, ET Realty reported.
The announcement was made recently by Oyo Life CEO Rohit Kapoor who serves as director at Antara Senior Living, Max India Group initiative that focuses on people above 60 years of age.
More About Senior Living
The senior living sector in India is still at a very nascent stage and not many developers have tried to explore this opportunity to its full potential. Traditionally, senior living homes were run by NGOs or government agencies and generally had a bad reputation.
However, with the advent of nuclear families and the rise of DINK (Double income no kid), more and more seniors are now gravitating towards senior living communities.
Owing to betterment of healthcare elderly population in India expected to touch 300 million by 2050, senior living segment is set to become a major sector in the coming times. To meet the demand, elder care services is estimated to touch $1,900 billion worldwide by 2026, growing annually at 8.5% during the period.
At present, there are about 4500 senior living units available in the major cities in the country with more than 2000 units still under various stages of development, as per data from Anarock. There are 10 more projects expected to develop over the next few years.
Major Senior Living Players
The market is presently dominated by Covai, which has 17 senior care communities across India. It offers specialized services with assisted, palliative, memory, persons with disabilities care.
Brigade Orchards’ Parkside Homes in Bengaluru offers one-bedroom apartments for sale starting from Rs 55 lakh, with facilities and services for residents, including help with chores, security, a library, housekeeping and medical care.
Antara Living is a luxury retirement project with features like fine-dining restaurants, an indoor heated pool and a theatre, priced from Rs 2 crore to Rs 8 crore
Golden Estate in Faridabad offers studio-style furnished living spaces, housekeeping, dining, planned activities and medical support along with both long and short stay options