India's senior living sector is poised for significant growth according to recent findings. The market has potential to expand fivefold, reaching an estimated value of USD 12 billion by 2030. This forecast underscores a major shift towards specialized care and lifestyle offerings catering to seniors, marking an era of innovation and expansion in real estate.

Demand is driven by seniors seeking customized care and enriched living experiences. The sector will grow its presence in major cities as well as smaller markets, addressing the needs of affluent households looking for comprehensive senior care solutions.

As a developing economy, India's population structure is undergoing steady change from expansionary to more stable. The current nascent senior living market presents an opportunity for private developers to tap into this untapped potential. With growing interest from institutional investors and major developers, the senior housing sector is projected to be five times larger by 2030 than current levels.

Developers are enhancing offerings by integrating advanced facilities and strategic partnerships to meet seniors' diverse needs holistically. This is seen in initiatives from leading groups like The Wadhwa Group and Prescon Group, pioneering high-quality senior communities.

The Wadhwa Group's 'Primus Swarna' enclave within Wadhwa Wise City is specially designed for active independent living among seniors with amenities tailored to their needs, including proactive healthcare, dining, housekeeping and emergency services.

Prescon Group has partnered with Manasum Senior Living for their luxury IKIGAI Goa community near Panjim. Crafted around the Japanese 'Ikigai' philosophy of purposeful living, it aims to provide a luxurious yet meaningful experience through wellness, social engagement and personal growth opportunities.

Maharashtra's housing regulator (MahaRERA) also introduced detailed retirement housing guidelines covering design, facilities, accessibility, sustainability and safety/security. This makes MahaRERA India's first regulator to provide provisions specifically for senior communities, ensuring that developers meet basic age-friendly standards.

A CBRE report predicts 1.5 million new senior living units over the next decade due to India's elderly population more than doubling. This segment includes independent housing and support services providing social engagement and independence for seniors.

The report notes 17% of the world's elderly will be in India by 2050. Currently there are 150 million Indian seniors, projected to reach 230 million in 10-12 years. It estimates a need for 1 million senior living units by 2024, growing to 2.5 million over the next decade. Presently there are only 18,000 such units, showing huge room for growth compared to more developed markets.

Southern India accounts for 62% of existing supply due to favourable climate, connectivity and healthcare presence. Prominent players and more nuclear families have made these regions preferred retirement destinations. Greater healthcare and geriatric care awareness also factor in.

Major future expansion is expected in cities like Chennai, Bengaluru, Hyderabad, Coimbatore, Pune and the National Capital Region. Predictions indicate non-metro cities will see more than triple growth in senior living projects over the next 4-5 years due to attractive financing, land availability and lower densities preferred by many seniors. It also provides opportunities for developers to create new projects in less competitive markets.

Major companies in India that focus on senior care include Antara Senior Care, Columbia Pacific Communities, Ashiana Housing Ltd, Paranjape Schemes (Construction) Ltd, Covai Property Centre (I) Pvt. Ltd, Oasis Senior Living, Primus Lifespaces Pvt. Ltd, among others. Manasum Senior Living recently launched IKIGAI Goa which offers a luxury retirement community. Ashiana has multiple senior living projects across Pune, NCR, Jaipur and Chennai. It has invested 575 crores in senior living projects in Pune's Talegaon and Hinjewadi areas, and also launched Ashiana Vatsalya in Chennai this year. Columbia Pacific Communities and Asset Homes are offering luxury senior living projects branded as 'Young@Heart'. Even government bodies are venturing into this space. Lucknow Development Agency (LDA) is also planning to develop a senior citizen housing society in Gomti Nagar. These companies demonstrate the growing focus on providing housing and care options tailored for the needs of India's aging population.

The projections indicate tremendous potential for growth in India's senior living sector. As awareness increases and more options become available, senior living communities are expected to become a much more mainstream housing choice for elderly Indians. Developers are recognizing the sizable market opportunity and increasing investment in this underserved area. If the projections come to fruition, senior living could become a major new asset class within the country's real estate industry over the next 10-15 years.

With a focus on quality of life, community and care, the industry is set to provide elderly residents not just homes but places where they can thrive in later life. Ongoing developments attest to the sector's potential and evolving needs of India's aging population. With government support and guidelines enhancing quality standards, India's seniors can look forward to vastly improved housing and lifestyle choices tailored for active aging in the coming years.