India’s senior living market to grow 4x, cross ₹1 trillion by 2030, Tier II, III cities to see most new projects: Report — The senior living market in India is projected to grow four times the current levels to cross ₹1 lakh crore and demand for senior housing to reach around 30 lakhs units by 2030, driven by evolving demographic shifts, according to a report by Colliers.
“While the segment is still at a nascent stage, it has evolved beyond conventional retirement housing to an organised market where senior housing is replete with healthcare facilities,” as per the report.
According to Badal Yagnik, CEO and MD of Colliers India, the country's senior living market is entering a period of accelerated growth, driven by strong demographic shifts and evolving socio-economic dynamics.
He feels increasing policy support, growing investor participation and collaboration among leading developers and healthcare operators are likely to redefine senior living offerings across the country.
“With a rapidly expanding elderly population and rising demand for professionally managed senior housing and care solutions, the market presents significant long-term growth opportunities. In fact, on the supply side, India’s organized senior living inventory is expected to quadruple over the next 3-4 years and become a ₹1 lakh crore market by 2030,” Yagnik said.
As per the report, organised supply for senior focused housing can potentially increase from around 25,000 units currently to 1 lakh units by 2030. Further, it expects penetration rate in the segment to rise from above 1% currently to around 4% in next three to four years.
Leading real estate developers and investors are expected to deploy more than ₹130 billion for senior living projects by 2030, of which 30-40% of the expected new project launches are likely to be in Tier II and III cities, and spiritual hubs, it said.
The report further said that while Tier I cities currently account for majority of India’s organized senior living stock, the segment is gradually expanding into Tier II and III markets.
“Looking ahead, as awareness and acceptance of senior living projects continue to grow and expand beyond Tier I cities, emerging Tier II/III cities are expected to account for a growing share of around 30-40% in new project launches and broaden the segment’s geographic footprint across the country,” it added.
In terms of the future, the report said that developers will likely embrace integrated and wellness focused solutions — with a gradual shift away from standalone developments to integrated living and care ecosystem.
The report expects India's regulatory environment for senior living to strengthen further in the coming years, following recent reinforcement of model guidelines for senior living projects, which were originally issued by the Ministry of Housing and Urban Affairs in 2019.
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