A recent report from JLL, titled “The Rise of Senior Living Market in India,” reveals key trends and statistics in the country’s senior living housing sector. Independent living units dominate the current supply, holding an 84 percent market share, while 2 BHK units contribute around 43 percent to the senior living market.
Despite a projected increase in the senior population share from 10 percent in 2023 to an estimated 20 percent by 2050, the penetration of senior living in India remains below 1 percent, in contrast to mature markets like the US, where it exceeds 6 percent. Southern cities in India emerge as significant players in the senior living market, holding a substantial 68 percent share, followed by 14 percent in the west, 10 percent in the north, 4 percent in the east, and 2 percent in central India.
The report underscores that senior living projects command an average premium of 10-15 percent over regular residential pricing. This premium is attributed to customized amenities tailored for seniors, addressing their unique needs and preferences.
The study identifies prominent senior living operators, including Columbia Pacific Communities, Vedaanta Group, Ashiana Group, Paranjape (Athashri), Primus, Antara, Covai Care, and Prarambh Buildcon. Together, these operators hold a combined market share of over 50 percent in the overall supply.
Highlighting India’s early stage in the development of the senior living sector, the report emphasizes significant growth potential, with the senior population share projected to double by 2050. Factors driving the demand for senior living include the rise of nuclear families, increased mobility for career opportunities, a growing demand for medical services, and evolving perspectives on the asset class.
While home care services for seniors have gained popularity, the report suggests that providing a comprehensive ecosystem of medical care, wellness, and social bonding opportunities remains challenging. Consequently, bespoke senior living communities are gaining acceptance and popularity.
To further expand the senior living market, the report recommends government support in the form of insurance and subsidized loans for buyers. Developers also require incentives and policies from the government to capitalize on the growing trend of early retirement in India, aligning with mature senior living markets.
Jerry Kingsley, Head of Strategic Consulting and Value and Risk Advisory, India, stated, “By 2050, the elderly population in India is projected to reach 20 percent, resulting in an increased age dependency ratio. Leading senior living projects indicate that 84 percent of the existing supply consists of independent living units, with a preference for outright sale models. Additionally, about 43 percent of the supply comprises 2 BHK units, reflecting the prevailing product typology.”
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