India’s senior living housing sector is set to witness explosive growth, with projections indicating a 300% increase by 2030, reaching a value of $7.7 billion (Rs 64,500 crore), according to a new joint report by real estate consultancy JLL and the Association of Senior Living India (ASLI).
India, home to the world’s second-largest senior population, is expected to see a dramatic rise in its elderly demographic, with numbers anticipated to more than double—from 156.7 million in 2024 to 346 million by 2050, as published by the Money Control.
The target market for senior living facilities is projected to grow as well, from 1.57 million households in 2024 to 2.27 million by 2030, highlighting the increasing demand for specialized housing solutions.
Currently valued at Rs 15,500 crore ($1.8 billion), the senior living market is expected to expand with a robust compound annual growth rate (CAGR) of about 27 percent. By 2030, this could push the market’s value to Rs 64,500 crore ($7.7 billion), according to the report.
The findings were revealed during an event hosted by ASLI, ahead of the 5th ASLI Ageing Fest titled “Silver Economy,” scheduled for December 6 in Bengaluru. The report points out that India’s senior living sector has made significant progress over the past decade, with over 20,000 specialized senior living units now operational across the country—marking a pivotal shift in the approach to senior care and real estate development.
Samantak Das, Chief Economist and Head of Research at JLL, said that India’s retirement living sector is poised for a revolution. “By 2030, the target market will increase to 2.3 million households, up from 1.57 million in 2024. This represents not just a demographic change but a new generation of seniors who are financially secure, independent, globally aware, and socially active. We anticipate the senior living inventory to double over the next six years, with market penetration rising from 1.3 percent to 2.5 percent,” Das explained.
Independent living facilities currently dominate India’s senior living landscape, comprising 85 percent of the existing inventory. This reflects the growing preference for autonomy among the country’s elderly population. Southern India has emerged as the focal point of the senior living boom, holding 60 percent of the national market share.
The report also highlights findings from the Longitudinal Ageing Study of India (LASI), which shows that 26.7 percent of urban elderly people live either alone, with only their spouse, or with people other than their spouse or children. This underscores the rising demand for specialized senior living solutions.
Ankur Gupta, co-founder of ASLI and joint managing director of Ashiana Housing, stressed that awareness and acceptance of senior living solutions are on the rise, opening up a significant opportunity for developers and investors to create quality-driven solutions. “With just 1.3 percent market penetration, this sector presents a remarkable opportunity to meet an emerging need,” Gupta said.
Rajit Mehta, Chairman of ASLI and Managing Director and CEO of Antara Senior Care, pointed out the urgent need for accessible and sustainable senior care models. “With India’s senior population projected to exceed 300 million by 2050, making up nearly 20 percent of the total population, the demand for comprehensive senior care solutions will increase dramatically,” Mehta said.
“Currently, only 5 percent of India’s elderly have access to institutional care, and more than half live without social security. Building inclusive, accessible, and sustainable models is critical. Wellness and healthcare integration with housing solutions focused on safety, comfort, and community support should be a priority.”