India Senior Living Market Size

India Senior Living Market Analysis

The India Senior Living Market size is estimated at USD 11.16 billion in 2024, and is expected to reach USD 17.99 billion by 2029, growing at a CAGR of 10% during the forecast period (2024-2029).

• The market is driven by the aging population. Furthermore, the services provided by the communities for senior citizens are driving the market.
• The demand for senior living housing will continue to rise as the population of seniors grows. As the industry grows, so will the types of services and amenities available in these projects. There has already been an increase in such projects in major cities. However, supply will be plentiful in suburbs and tier II cities in the long run. Tier-II cities include, among others, Bhiwadi, Coimbatore, Puducherry, Vadodara, Bhopal, Jaipur, Mysuru, Dehradun, and Kasauli. We have seen supply in Chennai, Pune (Lavasa), and Bengaluru.
• Furthermore, the senior living market is driven by the increasing aged population in the country, growth in life expectancy, rise in nuclear families, financially independent and educated senior citizens, increasing medical needs of the senior citizens, and NRIs coming back to India after retirement. Moreover, southern cities account for a major share of the senior living market in the country, followed by the west and north regions. Meanwhile, Bengaluru, Chennai, Puducherry, and Hyderabad are the most preferred southern cities for post-retirement settlement, followed by Delhi-NCR, Chandigarh, and Dehradun, which emerged as popular areas to settle in north India. Mumbai, Pune, Ahmedabad, Panaji, and Surat are some of the most opted retirement destinations in west India.
• Even though India is a welfare state and has several senior citizen-focused laws, it is still lagging behind developed nations in providing for its aged people. The Ministry of Statistics and Programme Implementation reported that there will be close to 139.4 million senior persons living in India in the current year. In addition, 5.6% of Indians were 60 years of age or older in 1961. This proportion rose to 10.1% in 2021 and is expected to reach 13.1% in eight years, according to official figures.
• It is anticipated that demand for senior living projects in non-metro cities will more than triple over the next four to five years. There are several reasons for this. These cities have become more appealing as a result of attractive financing options, the availability of land, and plenty of space to build sprawling complexes. And seniors appreciate the open spaces. Although growth rates vary by region, a growing trend indicates that the majority of seniors prefer to live in cities with low population densities. This growth is also being aided by the trend of seniors moving to cities with low population densities. It provides opportunities for developers to create new projects in less competitive markets. Predictions for the medium to long term market indicate that, when compared to metros, many more senior living communities would come up in these markets.