Posted On 17th Nov. 2024
Silver lining: India's senior living housing sector to skyrocket over 300% by 2030, to hit $7.7-billion mark
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.
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 JLL-ASLi report was launched at an event hosted by the latter. This is ahead of the 5th ASLI Ageing Fest titled "Silver Economy" which will be held on December 6 in Bengaluru.
The report highlighted that India's senior living sector has witnessed a significant surge over the past decade, with more than 20,000 specialised units now established across the nation, marking a pivotal moment in the country's approach to senior care and real estate development.
Samantak Das, chief economist and head of research and real estate intelligence service, India, JLL, said that the country's retirement 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 percent to 2.5 percent,” he said.
The landscape is dominated by independent living facilities, which make up an 85 percent of the total inventory, reflecting the growing demand for autonomy among India's senior citizens. Southern India has emerged as the epicentre of the country's senior living boom, commanding an impressive 60 percent of the national market share.
Ankur Gupta, co-founder, ASLI, and joint managing director, Ashiana Housing, said that the Longitudinal Ageing Study of India (LASI) reveals that 26.7 percent of urban elderly live either alone, with only their spouse or with people other than their spouses or children, highlighting the pressing need for specialised senior living solutions.
“As awareness and acceptance of senior living solutions rises, this sector, which is currently at just 1.3 percent market penetration, presents an unprecedented opportunity for developers and investors alike to build quality-driven solutions,” Gupta said.
Rajit Mehta, chairman, ASLI and managing director and CEO, Antara Senior Care, said that with the senior population in India projected to surpass 300 million by 2050, making up nearly 20 percent of the total population, the demand for comprehensive senior care solutions is set to increase dramatically.
“Presently only 5 percent of India’s elderly have access to institutional care, and over half live without social security. It is imperative that we build inclusive, accessible and sustainable senior care models. Wellness and healthcare should be a key focus, integrated seamlessly with housing solutions that prioritise safety, comfort and community support,” he said.
The landscape is dominated by independent living facilities, which make up an 85 percent of the total inventory, reflecting the growing demand for autonomy among India's senior citizens. Southern India has emerged as the epicentre of the country's senior living boom, commanding an impressive 60 percent of the national market share.
Ankur Gupta, co-founder, ASLI, and joint managing director, Ashiana Housing, said that the Longitudinal Ageing Study of India (LASI) reveals that 26.7 percent of urban elderly live either alone, with only their spouse or with people other than their spouses or children, highlighting the pressing need for specialised senior living solutions.
“As awareness and acceptance of senior living solutions rises, this sector, which is currently at just 1.3 percent market penetration, presents an unprecedented opportunity for developers and investors alike to build quality-driven solutions,” Gupta said.
Rajit Mehta, chairman, ASLI and managing director and CEO, Antara Senior Care, said that with the senior population in India projected to surpass 300 million by 2050, making up nearly 20 percent of the total population, the demand for comprehensive senior care solutions is set to increase dramatically.
“Presently only 5 percent of India’s elderly have access to institutional care, and over half live without social security. It is imperative that we build inclusive, accessible and sustainable senior care models. Wellness and healthcare should be a key focus, integrated seamlessly with housing solutions that prioritise safety, comfort and community support,” he said.
Ankur Gupta, co-founder, ASLI, and joint managing director, Ashiana Housing, said that the Longitudinal Ageing Study of India (LASI) reveals that 26.7 percent of urban elderly live either alone, with only their spouse or with people other than their spouses or children, highlighting the pressing need for specialised senior living solutions.
“As awareness and acceptance of senior living solutions rises, this sector, which is currently at just 1.3 percent market penetration, presents an unprecedented opportunity for developers and investors alike to build quality-driven solutions,” Gupta said.
Rajit Mehta, chairman, ASLI and managing director and CEO, Antara Senior Care, said that with the senior population in India projected to surpass 300 million by 2050, making up nearly 20 percent of the total population, the demand for comprehensive senior care solutions is set to increase dramatically.
“Presently only 5 percent of India’s elderly have access to institutional care, and over half live without social security. It is imperative that we build inclusive, accessible and sustainable senior care models. Wellness and healthcare should be a key focus, integrated seamlessly with housing solutions that prioritise safety, comfort and community support,” he said.