According to Colliers’ latest findings, India’s senior living market has the potential to grow 5x times from current levels to reach an impressive market value of ~$12 billion by 2030. This forecast underscores a significant shift towards specialized care and lifestyle offerings that cater to the elderly, marking an era of innovation and expansive growth within the real estate market.
The surge in demand for senior living spaces is driven by the aging population’s desire for customized care and enriched living experiences. The sector is set to expand its footprint not only in major cities but also in secondary markets, tapping into the needs of affluent households seeking comprehensive and holistic senior care solutions.
“Like most emerging market economies, the demographic pattern of India is undergoing a steady yet definite shift. The population pyramid of the country will slowly but surely transform from the current expansionary stage to a more stable state in the next few decades. The current nascent senior living market presents a lucrative opportunity for private organized developers to capitalize on the untapped market. With rising interest from institutional players and leading real estate developers, senior housing in the country is set to be almost 5x times by 2030, compared to current levels,” said Badal Yagnik, CEO, Colliers India.
Developers are strategically enhancing their offerings by integrating advanced facilities and forming strategic alliances to address the full spectrum of senior residents’ needs. This approach is evident in the initiatives by leading developers such as The Wadhwa Group and Prescon Group, who are pioneering in providing top-tier senior living communities.
In collaboration with Primus, The Wadhwa Group has introduced ‘Primus Swarna,’ a state-of-the-art senior living enclave within the expansive Wadhwa Wise City in Panvel. This project is specifically designed to foster an active and independent lifestyle among seniors, with amenities tailored to their unique needs, including proactive medical care, in-house dining, housekeeping, and emergency healthcare services.
“Primus Swarna represents a paradigm shift in how we perceive and cater to the senior demographic in Mumbai,” said Sandeep Sonthalia, CEO of Wadhwa Wise City. “Our project not only promises modern amenities but also an engaging community life that promotes active aging.”
Prescon Group has ventured into the senior living market and partnered with Manasum Senior Living for its ambitious project, IKIGAI Goa, near Panjim. This luxury community is crafted around the Japanese philosophy of ‘Ikigai,’ which emphasizes a purpose-driven life. IKIGAI Goa is designed to provide a luxurious yet meaningful living experience, blending wellness facilities with opportunities for social engagement and personal growth.
“Our goal at IKIGAI Goa is to transcend traditional senior living,” explained Vinay Kedia, director at Prescon Group. “We are creating an environment that nurtures the physical, social, and emotional well-being of our residents, encouraging them to lead fulfilling lives.”
As developers continue to innovate and expand, the future of India’s senior living sector looks promising. With a keen focus on quality of life, community, and care, the industry is set to provide elderly residents with not just homes, but places where they can thrive and enjoy a vibrant later life. The ongoing developments in this sector are a testament to its potential and the evolving needs of India’s aging population.
