Ashiana Housing expects around 50% of its revenue to come from the senior living segment by 2030. Ankur Gupta, Joint Managing Director of Ashiana Housing, said they are expanding in this segment and have lined up a slew of new projects. Ashiana is among the top three players in the country’s senior living segment.
Compared to the share of the elderly population and their emerging need, the supply is just a small fraction at present, Gupta said. The elderly population is expected to reach 230 million by 2036. The requirement is around 1,00,000 units, but we have a supply of around 25,000 units.
There is a mismatch between demand and supply, and there is significant room for growth in this market. As an asset class, it commands a premium, is less cyclical, has steady sales, and offers higher margins, he said. “GST rationalisation can also encourage more providers to enter the formal, registered ecosystem, supporting the growth of quality and affordable senior care,” Gupta said.
“Senior living is fundamentally a service-led offering, not merely a real estate product, and GST treatment should recognise this distinction,” he said. This becomes even more important in assisted living, where care is at the core of the service. Bringing the tax treatment of assisted living and care services closer to healthcare would reduce the burden on seniors and attract more players,
Existing players are expanding their portfolio, and new players are now adding this asset class. Ashiana will be launching four to five new projects soon. Three in Pune, one each in Chennai and Bengaluru. The Mumbai-Pune corridor is emerging as an attractive destination for them. Ashiana is setting up these projects in Panvel, Karjat and Talegaon. They are expanding Ashiana Amogh, its senior living project in Pune. Around 220 units are ready here, and it plans to take it to 700 units.
Primus Senior Living and HDFC Capital recently announced a Rs 2,000 crore investment platform to develop senior living communities across six cities. Columbia Pacific Serene Community has announced a Rs 2,000 crore investment to develop 13 properties across six cities. Vedaanta Senior Living has announced an Rs 800 crore expansion across five South Indian states with 24 projects to house 2,500 families by 2029. Paranjape Schemes and Constructions’ senior living brand, Athashri, is creating multiple communities in this space for independent living, assisted living and homes for the differently abled and their families, under the Swaniketan brand.
Among the new players is DLF, which is investing Rs 2,000 crore in senior living homes. Its first senior living luxury project, DLF Arbour Senior Living, will be launched in Gurugram. J Estates has entered the senior living housing segment with three premium senior living projects in Gurugram, across 8 acres and comprising approximately 450 units in total. The Prestige Group is entering the senior living space with a rental product. The Brigade Group has partnered with Primus for three senior living projects. The Rustomjee Group has announced plans for a senior living home.
The senior living market in India is worth $ 4.31 billion and is expected to grow to $ 11.43 billion in 2031, and grow at 21.55%, according to Mordor Intelligence.