India's Ashiana Housing is banking on growing demand for housing facilities for senior citizens in the world's most populous country to boost its annual profit over the next five years, a top executive said.
The property developer is aiming for annual profit of 20 billion rupees ($238.8 million) by fiscal year 2029, from 834 million rupees in 2024, Joint Managing Director Ankur Gupta told Reuters.
Improving life expectancy is expected to drive the share of senior citizens in India's 1.43 billion population to 13 per cent by 2030 from 11 per cent currently, according to a Colliers report.
That, in turn, is expected to boost the apartment market for seniors, valued at US$1.9 billion in 2023, to anywhere between US$12 billion to US$18 billion by 2030.
Ashiana, India's third largest senior living property operator after Columbia Pacific Communities and Vedaanta according to JLL, owns and operates such projects in Chennai, Pune and the national capital region.
"The focus is shifting towards premium amenities, healthcare integration and community-driven designs," Gupta said, referring to its senior living homes featuring facilities such as bathrooms with grab rails, on-call doctors and ambulances.
"The demand for senior housing is seen as a stable and growing investment opportunity," he said.
Ashiana expects revenue to rise 11 per cent to 20 billion rupees in the current financial year. The property developer also expects its senior living business to contribute up to 50 per cent of revenue in the next three years from 20 per cent currently.