India houses the world’s second-largest senior population, expected to more than double from 156.7 million in 2024 to 346.0 million by 2050. This presents both challenges and immense opportunities. These observations are part of the findings in a joint report by The Association of Senior Living India (ASLI) and JLL. The report, titled ‘Elevating the Golden Years: Senior Living Opportunities in India’s Evolving Market’, was launched recently.
The report states that the global demographic landscape is undergoing a significant shift, with the elderly population experiencing unprecedented growth. As of 2024, India’s over-60 population stands at 156.7 million which is the world’s second-largest elderly cohort, despite comprising only 11 per cent of the nation’s total population.
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 country.
As per the report, the landscape is dominated by independent living facilities, which make up of around 85 per cent 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 suit the diverse requirements of India’s aging population.
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Southern India has emerged as the epicentre of the country’s senior living boom, comprising of 60 per cent national market share. The southern states are experiencing accelerated population aging due to sustained lower fertility and mortality rates. 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.
The report points out that there is a potential demand of 2.3 million senior living units by 2030. India’s senior living market, with the current 1.3 per cent penetration rate, has vast, untapped potential. This figure pales in comparison to mature markets like the United States and Australia, where penetration rates soar beyond 6 per cent, highlighting an immense opportunity for growth and innovation in India.
“With the senior population in India projected to surpass 300 million by 2050, making up nearly 20 per cent of the total population, the demand for comprehensive senior CARE solutions is set to increase dramatically. Presently, only 5 per cent of India’s elderly have access to institutional care, and over half live without social security. With a significant gap in geriatric healthcare services as well — less than 0.7 hospital beds per 1,000 elderly—it is imperative to build inclusive, accessible, and sustainable senior care models. Wellness and healthcare should be a key focus, integrated seamlessly with housing solutions that prioritize safety, comfort, and community support,” observed Rajit Mehta, chairman, ASLI and MD and CEO, Antara Senior Care.
In recent years, India’s senior care sector has undergone a dramatic transformation. It has evolved from a nascent industry into a dynamic field, offering tailored solutions to meet the diverse and ever-changing needs of its elderly population.
The report observes that the growing market offers a diverse range of housing solutions and services tailored for individuals in this population bracket, focusing on fostering independence, social interaction, and ease of living. The care spectrum encompasses diverse options, from independent living communities to assisted living facilities, specialized memory care units for those with cognitive challenges, and comprehensive Continuing Care Retirement Communities (CCRCs). This comprehensive approach enables seniors to seamlessly adjust their level of support as their requirements evolve, ensuring they can age gracefully in a supportive setting.
“India’s senior living sector is on the cusp of a revolution. By 2030, we are looking at a target market of 2.3 million households, up from 1.57 million in 2024. This is not just about numbers; it is about a new generation of seniors who are redefining retirement. They are independent, financially secure, globally aware, and socially active. We are forecasting a doubling of senior living inventory in just six years, with market penetration jumping from 1.3 per cent to 2.5 per cent,” remarked Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
The rapid expansion of specialised units for the elderly is underscored by the establishment of over 20,000 such units across the nation in the past decade, marking a significant shift in India’s approach to elder care. Despite over US $40 million in institutional investments in the last two years, the market remains in its nascent stages.
“The sector’s current developmental phase, characterised by regulatory, operational, and awareness challenges, only enhances its appeal to strategic investors looking for high-growth potential. The coming years will see innovative solutions, increased investment, and a fundamental reimagining of senior living in India,” said Karan Singh Sodi, Senior Managing Director – Mumbai MMR & Gujarat, and Head – Alternatives, India, JLL.
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