Realty firms eye senior living as rising demand reshapes home market

Rising elderly population, demand for wellness-led housing drive real estate firms to invest over ₹3,000 crore in senior living projects with healthcare, luxury facilities

Realty companies are increasingly looking at senior living residential projects as a future revenue opportunity, as demand for high-end apartments with healthcare and medical facilities within complexes is expected to rise.

 

Developers including the Max group, PioneerUrban, Lifebridge Group, and others like Manasum Senior Living, Ashiana Housing, Primus Senior Living, and Paranjape Schemes with its Athashri brand are expanding within this segment. Most prefer multi-generational projects, which include senior-specific residences as part of a larger residential complex, while others are venturing into dedicated developments.

 

“We are foraying into senior living. Our first project will be launched before the end of FY26 in Mumbai. People in their 50s and 60s are making provisions for their lives, and it is not only because their children are abroad,” said Boman Irani, chairman and managing director at Rustomjee Group, which operates the real estate business Keystone Realtors. The company has also invested in a senior living company. “It will be the next big thing,” he told Business Standard.

 

India is home to a large population of senior citizens, and given the changing demographics, demand for senior care as well as senior living facilities is expected to increase. According to the India Ageing Report 2023 by the United Nations Population Fund and the International Institute for Population Sciences, as of July 1, 2022, India had 149 million people aged 60 and above, which is 10.5 per cent of the population. By 2050, this is projected to double to 20.8 per cent, with 347 million elderly individuals, underscoring the need for focused ageing-related policies and infrastructure.

 

Collectively, developers including Manasum Senior Living, Ashiana Housing, and Primus Senior Living are looking at an investment of more than ₹3,000 crore. Individually, Primus Senior Living plans to invest about ₹1,500 crore over the next few years to expand its multi-generational community portfolio, with ₹470 crore earmarked in the upcoming quarters for three new projects. Ashiana Housing is channelling over ₹200 crore in FY25 and eyes an investment exceeding ₹300 crore in FY26. Manasum Senior Living is set to invest about ₹200 crore in the next three to five years. 

 

Rajagpal G, co-founder and chief executive officer of Lifebridge Group, which includes Serene Communities by Columbia Pacific and KITES Senior Care, said the company will invest ₹1,500 crore to set up 3,000 senior living units in collaboration with reputed real estate brands such as Embassy Group, TVS, and Nyati in Bengaluru, Chennai, and Pune, respectively.

 

“There is an emerging segment of seniors who are looking for premium senior living options, including ultra-luxury amenities such as a multi-cuisine fine dining restaurant, premium wellness centres, swimming pools, spas, and concierge services,” he added.

 

“We’re seeing a lot more demand for integrated living because seniors want their space but also some life around them,” said Rajit Mehta, chief executive officer of Antara, part of the Max group. The company is developing projects within larger townships in Chandigarh and Noida, with the Noida project being in collaboration with Max Estates, where Antara will manage two senior living towers within a larger seven-tower campus.

 

Rakesh Bohra, chief operating officer of PioneerUrban Land & Infrastructure Ltd, said that while senior living has become an established concept in southern India, north-based developers are also entering this segment. The company is building 'Advait' in Gurugram, spanning 2.6 acres in Sector 50, with 18-storey towers housing 164 exclusive two-bedroom residences, including a caretaker's room. “It is the first IGBC platinum-certified project in Haryana to receive a licence under the state’s Retirement Policy and will offer lush vehicle-free green landscapes, serene water bodies, a centralised air filtration system in each apartment, and round-the-clock medical services provided by Fortis Hospital Gurugram,” Bohra said.

 

A 35,000 sq ft clubhouse is also planned to promote wellness, fitness, and leisure. The project, a joint venture with J K Organisation, is expected to be ready for habitation by early 2027.

 

Anantharam Varayur, co-founder of Bengaluru-based Manasum Senior Living, said multi-generational formats, where seniors have their own space while staying connected to family, are likely to become the standard format for most developers. The company is expanding its geographical footprint to cities such as Tirupati, Mysuru, Chennai, and Lucknow, aiming for 2,500 units by 2025, while also investing in an in-house AI-enabled technology platform and skill centres for staff.

 

However, Amit Paranjape, managing director of Paranjape Schemes Construction, which owns the senior living brand Athashri, believes that while multi-generational homes can be part of a larger layout, senior living requires a distinct community due to the "very peculiar" needs of senior citizens.