India's senior living housing sector is expected to skyrocket over 300 percent by 2030 to $7.7 billion (Rs 64,500 crore), according to a joint report by real estate consultancy JLL and Association of Senior Living India (ASLI).
India houses the world's second-largest senior population, which is expected to more than double from 156.7 million in 2024 to 346 million by 2050. The estimated target market for senior living facilities is projected to grow from 1.57 million households in 2024 to 2.27 million by 2030, the report highlighted.
“Based on an assessment of the existing senior living inventory, the market is currently valued at Rs 15,500 crore ($1.8 billion). Projections indicate a robust CAGR (compound annual growth rate) of roughly 27 percent, potentially expanding the market to Rs 64,500 crore ($7.7 billion) by 2030,” the report stated.
The estimated target market for senior living facilities is projected to grow from 1.57 million households in 2024 to 2.27 million by 2030, the report highlighted.
As India navigates this unprecedented transition, the country stands poised to become a global leader in senior living solutions, potentially setting new standards for aging populations worldwide. In a testament to its burgeoning potential, India's senior living sector has witnessed a remarkable surge over the past decade, with more than 20,000 specialized units now established across the nation. This milestone marks a pivotal moment in the country's approach to senior care and real estate development.
The landscape is dominated by independent living facilities, which make up an impressive 85% of the total inventory, reflecting the growing demand for autonomy among India's senior citizens. Recognizing the potential in this niche market, senior living developers and operators are now consistently expanding their portfolios with an array of senior-friendly housing options, tailored to meet the diverse requirements of India's ageing population.
Southern India has emerged as the epicentre of the country's senior living boom, commanding an impressive 60% of the national market share. The southern states, long at the forefront of India's development trajectory, are experiencing accelerated population aging due to sustained lower fertility and mortality rates. Secondly, these regions are home to a larger proportion of parents whose children are Non-Resident Indians (NRIs). These demographic and cultural factors have cultivated a fertile ground for the senior living sector to flourish.
India's senior living market with its current 1.3% penetration rate reveals a vast, untapped potential. This figure pales in comparison to mature markets like the United States and Australia, where penetration rates soar beyond 6%, highlighting an immense opportunity for growth and innovation in India.
The substantial gap between current offerings and market needs, creates an attractive entry point for investors. By developing innovative senior living communities, investors can not only address this unmet demand but also potentially realize significant returns in this expanding market segment.
