Silver lining: How senior living market is redefining retirement in India

The first of a four-part series on the silver economy focuses on luxury housing projects developed with seniors in mind

With the rise in India’s elderly population, senior living residential projects are flourishing. The growth in this sector is fuelled by a generation of seniors with the financial means to live well in retirement choosing to invest in purpose-built communities rather than relying on traditional family structures.

 

Take, for instance, 92-year-old Sumitra Rajapati who has lived at Manasum Avighna, a luxury retirement home complex in Bengaluru, for four years. “I’ve made this place my home,” she says. "We celebrate birthdays, anniversaries, and every festival with pomp and energy." 

 

The Avighna complex spans one acre and has 110 one-bedroom apartments with amenities such as a gym, prayer hall, library, and 24/7 medical support. Safety is paramount, with emergency bells, support bars in washrooms, well-lit corridors and windows designed for ample natural light.

 

Rajapati pays a rent of Rs 32,000 per month, while other residents like R Uma, 62, own their units and pay 

 

Rs 8,000 a month for meals. “Living here alone, I enjoy yoga classes, language sessions, and daily prayers. The ambulance is always ready in case of emergencies, and they inform family members immediately,” Uma says.

 

Vikram Dixit, 81, who retired as senior deputy manager from Bharat Heavy Electricals Ltd, moved into his unit in November 2020. “I was convinced I would end up in an old age home,” he says, “until I came across a Manasum pamphlet.”

 

Manasum offers seniors the flexibility to buy freehold units or opt for various rental packages, from daily to long-term leases. A 1BHK unit here starts at Rs 40 lakh. While the units can be bought by individuals aged 18 and above, only those over 55 can reside in them, though children of residents can come for short stays. Manasum plans to invest Rs 200 crore, including seed funding from various investors over two years, to develop 12 new senior living projects, adding more than 2,500 luxury and affordable units across cities like Bengaluru and Goa. The aim is to add another 600,000 square feet to the existing 400,000 sq ft of senior living spaces by FY25.

 

The demand for senior living isn’t limited to Bengaluru. Pune-based Paranjape Schemes (Construction) has tapped into this trend, expanding its Athashri senior living projects to serve 10,000 seniors by 2030. 

 

“Senior housing will play a crucial role in shaping the future of the Indian real estate sector, offering both social benefits and business opportunities,”says Shashank Paranjape, managing director of Paranjape Schemes (Construction). The company plans to add 4,000 more units by FY25, and aims to serve 10,000 seniors by 2030. 

 

Delhi-based Ashiana Housing is also capitalising on this trend, and plans to double its annual sales to 1,000 units within four years.The focus is on mid-segment and luxury senior living projects. Its senior projects range from about Rs 40 lakh to Rs 2 crore. 

 

“We are actively seeking partnerships with the government to improve senior living standards, especially as the sector is expected to reach $12 billion by 2030,” says Ankur Gupta, joint MD, Ashiana Housing. Sales have increased from 200 to 450-500 units annually, he adds.

 

In Bengaluru, Primus Senior Living, another major player, is expanding into Kolkata in the next quarter, and plans to introduce over 1,500 homes overall. “We are looking at both direct development and partnerships with established developers in high-demand areas,” says Adarsh Narahari, founder and MD, Primus Senior Living. “We are also investing heavily in healthcare technologies and non-invasive monitoring systems to improve the quality of care for our residents.”

 

Deepak Patil, partner at Shuubharambh Developers, is taking senior housing to Belgaum, Karnataka, with the launch of Tranquillo Meadow. Like other such spaces, the 90-unit project, priced between Rs 55 lakh and Rs 85 lakh, offers an array of services, including medical rooms, fitness centres, and guest accommodations. “We’ve invested Rs 45 crore, and plan to expand to Pune, Bengaluru, and Goa over the next five years,” says Patil.

 

Similarly, Bengaluru-based Embassy Group is entering the senior living market with Serene Amara, which is part of its larger Springs township. The project offers 239 one-, two-, and three-BHK residences across two 17-storey towers. Starting at Rs 78 lakh, these feature a variety of senior-focused amenities, including a yoga deck, wellness rooms, and concierge services. The first phase is scheduled for completion in 2025, with plans to expand to other cities in the future, says Shambhavi Kadam, assistant vice president-Premium sales, Residential, Embassy Group.

 

A recent report by commercial real estate firm Colliers highlights the potential in India’s senior living market. Despite a current demand for 1.8 to 2 million units, the organised sector accounts for just 20,000 units, marking only a 1 per cent penetration rate — far behind countries like the US, UK, and Australia, where this rate stands at 6-7 per cent. Developers are tapping into this gap as India’s well-to-do elderly population chooses to live well and live free.

 

Retirement retreats

 

Manasum Avighna (Bengaluru): 110 one-bedroom units; amenities include a gym, prayer hall, library, and medical support

Manasum Expansion: Rs 200 crore investment for 12 new properties; 2,500 units planned across Bengaluru and Goa

Paranjape Schemes (Pune): Athashri projects for 10,000 seniors by 2030; 4,000 more units by FY25

Ashiana Housing (Delhi): Plans to double sales to 1,000 units annually; focus on mid-segment and luxury projects

Primus Senior Living (Bengaluru): Expanding to Kolkata; over 1,500 homes planned; investment in healthcare technology

Shuubharambh Developers (Belgaum): Tranquillo Meadow; 90 units priced between Rs 55 and Rs 85 lakh; expansion plans for Pune, Bengaluru, and Goa

Embassy Group (Bengaluru): Serene Amara project with 239 units; starting at Rs 78 lakh; completion by 2025