~India’s estimated elderly population is poised to reach 346 Mn by 2050 (60+ age group) from the current 157 Mn, paving the way for an organised senior living sector~

March 9th, 2025: CREDAI, in collaboration with KPMG, launched an industry report, at the 6th edition of the New India Summit, elucidating India’s senior living sector. The recently concluded New India Summit sheds light on a significant demographic shift in India, highlighting the rapid rise of the senior population and the growing demand for evolved senior living solutions. In collaboration with KPMG, the summit unveiled the report "The Rise of Silver Generation: Transforming the Senior Living Landscape," which presents a roadmap for reshaping India’s senior housing sector to meet the needs of an aging population.

India’s senior population is projected to grow from 157 million in 2024 to 346 million by 2050, constituting over 20.6% of the country’s total population. This shift underscores the need for a more structured and inclusive approach to senior living—moving beyond traditional care homes to vibrant, community-driven environments. While the sector is still in its early stages, it presents immense potential for improving the quality of life for aging citizens while catalysing economic growth.

This upward trajectory can be attributed to a variety of factors at play, shaping the industry every day. The transition to nuclear families, more financial independence, an aspirational lifestyle, and the pursuit of a better healthcare system have fuelled this demand. By the year 2030, seniors will account for 45% of India’s total patient count, driving the demand for specialized medical support in senior living communities. While the demand rises, the industry currently stands at a crucial juncture, where it needs to address some fundamental challenges to break even with this rising demand. As of now, higher costs, lack of regulatory framework, and existence of cultural resistance have also impacted investor interest. Considering these, CREDAI recommends a list of recommendations such as working on a national-level policy with standardised regulations while allowing state-level flexibility based on demographic needs that will foster growth. Mandating a licensing system for senior living operators with minimum standards for safety, healthcare services, infrastructure, and staff qualifications, will keep buyer and developer interest intact. Public-private partnerships (PPPs), expansion of Ayushman Bharat coverage for senior healthcare services, offering tax exemptions, and subsidies for senior living developers, are some of the interventions that can ensure a steady growth.

Speaking at the summit, Boman R Irani, President, CREDAI National, emphasized, “India’s senior population is projected to more than double to 346 million by 2050, significantly expanding the senior living market. This presents a crucial opportunity for developers, investors, and policymakers to collaborate in establishing a robust ecosystem for senior housing. A well-defined regulatory framework is imperative to standardize safety, healthcare, and operational benchmarks, while incentives such as tax exemptions, reverse mortgages, and public-private partnerships can drive accessibility and affordability. With rising demand and shifting preferences, it’s time to move beyond conventional models and establish senior living as a structured, high-growth segment that enhances both quality of life and economic expansion.”

Mr. Manoj Gaur, Chairman, CREDAI National, said, “The senior living sector has gained significant traction worldwide valued at approximately USD 190 billion in 2020, and is projected to nearly double, reaching around USD 375 billion by 2030. This growth underscores the urgent need for organisations, policymakers, and communities to create sustainable, inclusive, and future-ready ecosystems that prioritise the well-being of older adults. The rising demand calls for the rapid expansion of senior living facilities, presenting India with a unique opportunity to position itself as a premier global destination. With its rich heritage in Ayurveda, breathtaking landscapes, and world-class hospitality, India is well-poised to redefine senior living on a global scale.”

It is essential to reflect that India’s southern region has emerged as a leader with a majority share in the market. The weather and a more sophisticated lifestyle make it a popular choice for senior living projects, a standout is the cities of Bengaluru and Pune with (1.3 and 1.2 Mn senior citizens respectively) as of 2024. While cities like Chennai, Kolkata, Coimbatore, and Hyderabad have also shown consistent increases. However, the penetration of senior living homes remains low, with Coimbatore leading at 0.7 per cent, followed by Chennai (0.5 per cent), Bengaluru (0.4 per cent), and Pune and Hyderabad at 0.2 per cent, respectively. Kolkata trails at 0.1 per cent, indicating an underdeveloped senior living market.