The rise of senior living market in India

With a current population of over 100+ million seniors in India, the Senior Living sector holds immense potential for investment and development. JLL's latest report titled ‘The rise of senior living market in India’ highlights the expected increase in the senior population share from 10% to 20% by 2050, resulting in an age dependency ratio of ~34%.

The report identifies the top 10 senior living operators, including Columbia Pacific Communities, Vedaanta Group, Ashiana Group, Paranjape (Athashri), Primus, Antara, Advaitt, Covai Care, Prarambh Buildcon, and Saket Group, holding a combined market share of over 50%. India's relatively early stage in the development of the sector presents a significant opportunity for growth.

Factors driving the need for senior living include the rise of nuclear families, increased mobility for career opportunities, growing demand for senior care services, and changing views towards the asset class. While homecare services for seniors have gained popularity in recent years, offering a comprehensive ecosystem of medical care, wellness, and social bonding opportunities remains challenging. As a result, bespoke senior living communities are gaining acceptance and popularity.

Senior living: Key statistics

^{Note: Life Expectancy: Average age that members of a particular population group will live.}

Note:

1. Age Dependency Ratio: This demographic indicator gives insight into the number of people of non-working age (above 60 years), compared with the number of those of working age.
2. Life Expectancy: Average age that members of a particular population group will live.

Source: JLL Research and Analysis, UNFPA’s State of World Population 2023

Key highlights:

• The senior living market share within the overall population to increase from current 10% to 20% by 2050
• Age dependency ratio expected to reach ~34% by 2050
• Independent living units dominate existing supply with 84% market share
• 2 BHK units account for ~43% of senior living supply