Scarcely a day passes without news regarding bullish higher-end housing sales in the largest cities of the country and uptick in residential real estate prices. This flurry of development, however, seems to have bypassed addressing the housing needs of senior citizens above 60 years of age who will account for 19.5% of the population by 2050. The requirement of senior living is not just for affordable housing spaces but also healthcare facilities and social engagement opportunities. The fact that a majority of real estate developers are avoiding this segment—like their retreat from affordable housing projects in general—is a clear instance of market failure. The market penetration of senior living players is just 1.3% in India as against 6% in the US and Australia. Currently, only a dozen mostly smaller players operate in this space. There are less than 70 senior living projects, developed or ongoing, across the........

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