New Delhi, Aug 18 (IANS) India’s senior living market is expected to exceed Rs 1 trillion by 2030 and demand for senior housing could reach nearly 30 lakh units, a report said on Tuesday.
The report from Colliers India said the organised supply could rise from the current level of roughly 25,000 units to about 1 lakh units by 2030.
"India’s senior living market has emerged as one of the most promising alternative real estate asset classes in the country supported by growing demand for age-focused housing and increasing participation from developers, healthcare operators and investors," it said.
India’s senior living market has seen strong traction in recent years with the segment currently standing at around Rs 300 billion, almost 70 per cent higher than 2024 levels.
The firm predicted penetration levels in the segment to rise from 1.3 per cent currently to around 4 per cent within the next three to four years.
Colliers projected market size trends at Rs 180 billion in 2024, Rs 300 billion in 2026, Rs 700 billion in 2028 and more than Rs 1,000 billion by 2030.
Rising life expectancy, nuclearisation of families, rising income levels, enhanced retirement preparedness with greater focus on health & wellness are driving demand for age-appropriate curated residential solutions.
The share of India’s population aged 60 years & above is expected to rise to roughly 21 per cent by 2050 from 11 per cent currently.
India is likely to account for about 16 per cent of the nearly 2.1 billion global elderly population (aged 60 years & above) by 2050, positioning it among the world’s key growth markets for senior housing.
“With a rapidly expanding elderly population and rising demand for professionally managed senior housing & care solutions, the market presents significant long-term growth opportunities. On the supply side, India’s organized senior living inventory is expected to quadruple over the next 3-4 years and become a trillion-rupee market by 2030,” said Badal Yagnik, Chief Executive Officer & Managing Director, Colliers India.
The firm estimated current senior living demand at around 20-22 lakh units while the inventory in the organized market is only around 25,000 units.
--IANS
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