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    Oyo may foray into assisted-living communities, retirement homes

    Synopsis

    "Assisted living for senior citizens could be a natural extension for our business," said CEO of Oyo's New Real Estate Businesses, Rohit Kapoor.

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    The country's elderly population is set to touch 300 million by 2050, accounting for 18% of the overall population, according to a study by CII.
    (This story originally appeared in on Jun 27, 2019)
    NEW DELHI: The SoftBank-backed hospitality chain, valued at around $5 billion during its last round of equity financing, may venture into the space through its New Real Estate Businesses arm, which includes Oyo Life, a co-living vertical targeted at millennials and young 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, who joined the startup in November. He also serves as director on Antara Senior Living, a Max India Group initiative that focuses on people over the age of 60.

    Elder services care could be a potentially lucrative space for interested players in India. The country's elderly population is set to touch 300 million by 2050, accounting for 18% of the overall population, according to a study by CII. In comparison, elder care services market is estimated to reach $1,900 billion worldwide by 2026, growing annually at 8.5% during the period, revealed data from global research agency Persistence.

    Currently, there are only 4,500 senior living units available in the domestic market with more than 2,000 units under various stages of production, according to data from real estate services company Anarock. Some of the players in the market include Covai-Care, Brigade Orchards' Parkside Homes in Bengaluru and the Golden Estate in Faridabad.
    "They will need to create the industry similar to how they are standardising co-living spaces. The market existed in an unorganised way and Oyo has been able to shape it up and brand it through Oyo Life," said chairman of Anarock Property Consultants, Anuj Puri.
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