India’s Senior Living Sector To Triple By 2030, Valued At USD 7.7 Billion: JLL-ASLI Report

India’s senior living housing sector is poised for unprecedented growth, with projections indicating a 300 per cent rise to USD 7.7 billion (INR 64,500 crore) by 2030, according to a report by JLL and the Association of Senior Living India (ASLI). The surge in demand is fuelled by a rapidly expanding elderly population, set to more than double from 156.7 million in 2024 to 346 million by 2050, making India home to the world’s second-largest senior population.

This demographic shift presents immense opportunities and challenges. Presently, only 1.3 per cent of India’s potential demand for senior living housing is met, compared to over 6 per cent in mature markets like the United States and Australia. The report, Elevating the Golden Years: Senior Living Opportunities in India’s Evolving Market, highlights the untapped potential in India, projecting a rise in target households for senior living facilities from 1.57 million in 2024 to 2.27 million by 2030.

At the curtain-raiser for the 5th ASLI Ageing Fest, set to be held in Bangalore on 6 December 2024, Rajit Mehta, Chairman of ASLI and MD & CEO of Antara Senior Care, underscored the urgency of addressing the needs of this burgeoning demographic. “With only 5 per cent of the elderly having access to institutional care and half lacking social security, India must create inclusive and sustainable senior care models. These must integrate wellness and healthcare with housing solutions that prioritise safety, comfort, and community support,” Mehta said.

The report also reveals that independent living facilities dominate the Indian senior living market, accounting for 85 per cent of the 20,000 specialised units nationwide. Southern India leads the sector with a 60 per cent market share, driven by favourable demographics, including a higher proportion of Non-Resident Indian (NRI) families.

Ankur Gupta, Co-Founder of ASLI and Joint Managing Director of Ashiana Housing, noted that changing societal attitudes and the rise of independent seniors, especially women, have contributed to the growing acceptance of senior living solutions. “This sector is evolving rapidly, with a compound annual growth rate of 27 per cent. By 2030, market penetration is expected to double to 2.5 per cent, yet the demand-supply gap will persist. This represents a golden opportunity for developers and investors to create quality-driven solutions,” Gupta explained.

The senior living market is also a burgeoning investment frontier. Over USD 40 million in institutional investments have flowed into the sector in the last two years, with expectations of further growth. “Despite regulatory and operational challenges, the market’s nascent stage makes it ripe for innovation and strategic investments,” said Karan Singh Sodi, Senior Managing Director at JLL India.

The sector offers diverse housing solutions, from independent living communities to assisted living facilities and specialised memory care units, ensuring seniors can transition seamlessly as their needs evolve.

Dr Samantak Das, Chief Economist at JLL India, summed up the sector’s potential: “India is witnessing a revolution in senior living. This is not just about numbers; it is about creating a robust and compassionate ecosystem that redefines retirement and enriches the lives of seniors. The future is about building solutions that align with the aspirations of an empowered ageing population.”

As India prepares for this demographic transformation, the 5th ASLI Ageing Fest may serve as a platform to discuss opportunities, innovations, and the road ahead for a sustainable senior care ecosystem.