Demand for senior living expected to hit 2.3 million units by 2030

India’s senior population is expected to more than double, from 156.7 million in 2024 to 346 million by 2050. This demographic shift will make India home to the world’s second-largest elderly population, creating both significant challenges and immense opportunities, especially in improving the quality of life and well-being for this expanding group.

A recent report by the Association of Senior Living (ASLI) and JLL projects a demand of 2.3 million senior living units by 2030 up from 1.57 million in 2024, yet India's senior living market currently has a penetration rate of only 1.3%. In contrast, mature markets like the U.S. and Australia have penetration rates above 6%, underscoring the vast potential for growth in India.

“With the senior population in India projected to surpass 300 million by 2050, making up nearly 20% of the total population, the demand for comprehensive senior CARE solutions is set to increase dramatically," said Rajit Mehta, Chairman of ASLI and MD & CEO, Antara Senior Care. "Presently, only 5% of India’s elderly have access to institutional care, and over half live without social security. With a significant gap in geriatric healthcare services as well — less than 0.7 hospital beds per 1,000 elderly — it is imperative that we build inclusive, accessible, and sustainable senior care models." Mehta emphasizes that wellness and healthcare should be integrated seamlessly with housing solutions that promote safety, comfort, and social support, adding that social integration is crucial to prevent isolation and promote well-being among seniors.

Samantak Das, Chief Economist and Head of Research , India, JLL, shared a similarly optimistic outlook: “India's senior living sector is on the cusp of a revolution. By 2030, we are looking at a target market of 2.3 million households, up from 1.57 million in 2024. This is not just about numbers; it is about a new generation of seniors who are redefining retirement. They are independent, financially secure, globally aware, and socially active. We are forecasting a doubling of senior living inventory in just six years, with market penetration jumping from 1.3% to 2.5%. But here is the kicker – even this dramatic growth will not meet the surging demand. This gap is not just a challenge; it is a golden opportunity for long-term growth in this vibrant, emerging sector.”

Today’s senior citizens seek to redefine retirement and senior living, opting for fulfilling lifestyles that reflect their aspirations. This evolving landscape fills the gap where the supply of senior living facilities significantly trails the demand.