Grey hair, silver lining: Senior living market to exceed Rs 1 lakh crore by 2030; developers line up projects

NEW DELHI: What started as a trend among children settled abroad, worried about the safety of their aging parents back home, buying apartments in societies for them in places like Delhi NCR and Mumbai a couple of decades back is now emerging as a mega real estate bonanza. India’s senior living market is expected to exceed the Rs 1 lakh crore mark by 2030, up four-fold from current levels, according to leading commercial real estate consultant Colliers. In recent years, this niche sector has seen a strong traction and is currently estimated at Rs 30,000 crore — up 70% from 2024 levels.This demand is bringing senior-friendly — distinct from assisted living — societies in prime locations now. “So far in north India this concept was limited to the places like Bhiwadi and Dehradun. Now it is coming to the heart of the NCR,” said a developer. For instance under Haryana govt policy, DLF is launching a project in Gurgaon’s prime sector 63 with the condition that the “primary resident” necessarily has to be 55 and above.Aakash Ohri, DLF Home Developers MD and CBO, said: “We aim to create a meaningful offering for seniors in Gurugram. We should be in the market soon.. Want to put together strong infrastructure and support services to make it truly meaningful for seniors. This will be the first such project in DLF’s portfolio, and we are all excited about it.”Colliers India CEO and MD Badal Yagnik said: “India’s senior living market is entering a period of accelerated growth, driven by strong demographic shifts and evolving socio-economic dynamics… rising demand for professionally managed senior housing and care solutions… India’s organised senior living inventory is expected to quadruple over the next 3-4 years and become a trillion-rupee market by 2030. (Stakeholders are) likely to redefine senior living offerings across the country.”While Tier I cities including Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune currently account for majority of India’s organised senior living stock, the segment is gradually expanding into smaller cities like Coimbatore, Puducherry, Dehradun, Vadodara along with spiritual hubs like Tirupati, Vrindavan and Ayodhya “due to evolving lifestyle preferences and cultural appeal,” says Colliers. Going ahead, it expects Tier II/III cities to account for about 30%-40% in new senior living project launches.Given the opportunity, developers are lining up.DLF’s Aakash Ohri said: “India’s changing demographics and rising life expectancy are driving demand for communities that allow seniors to remain independent, stay connected to family and urban ecosystems, and lead active, purpose-driven lives. The opportunity lies in creating thoughtfully planned environments that combine wellness, convenience, security and meaningful social engagement, enabling residents to thrive through every stage of life.”Ashiana Housing joint MD Ankur Gupta said: “India’s senior living market is going through a significant transformation. Today, senior living is no longer limited to providing a home for people after retirement. Seniors are increasingly looking for independence, health, security, social engagement and a community where they can lead an active and purposeful life. Unlike conventional housing, senior living is a service-oriented offering, where buyers consider not just the home but also the quality of care, community environment and long-term management. As awareness grows and organised developers establish strong operating models, consumer confidence in the segment is also increasing.""Tier-2 cities are also expected to offer significant opportunities for the sector in the coming years. With the right level of amenities and strong operational standards, senior living can reach a much larger section of the population without compromising on quality, dignity or independence,” Ashiana’s Gupta added.