- Ashiana Housing Ltd. signed a joint development deal for senior living in Gurugram Sector 78.
- The project covers 4.41 acres with a sales potential of around Rs 1,300 crore.
- DLF sold all 172 units of its senior living project in Gurugram for Rs 1,985 crore.
Ashiana Housing Ltd. has entered into a joint development agreement for a senior living project in Gurugram's Sector 78, adding to a growing list of developers betting on housing built for India's elderly.
The project will come up on about 4.41 acres and is expected to have a saleable area of about 7.25 lakh square feet, with a sales potential of around Rs 1,300 crore, the company said in an exchange filing on Thursday.
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The deal comes less than a month after DLF Ltd.'s debut in the segment. DLF said in an exchange filing on Oct. 4 that it had sold all 172 homes at The Aureva, its luxury retirement housing project in Sector 63, Gurugram, for about Rs 1,985 crore. That works out to an average of roughly Rs 11.5 crore a home. The project is spread over 4.17 acres, with a saleable area of more than 7.5 lakh square feet.
DLF flagged the project again in its second-quarter earnings release on Oct. 16, saying The Aureva had seen a complete sell-out, which it said underscored demand for such differentiated offerings. The company's new sales bookings for July–September stood at Rs 3,800 crore.
A Rs 1 Lakh Crore Projection
The rush is being fuelled by bullish forecasts. India's senior living market stands at about Rs 30,000 crore, almost 70% higher than 2024 levels, and could exceed Rs 1 lakh crore by 2030, according to a Colliers India report released in August.
Colliers estimates current demand at around 20–22 lakh units, against organised inventory of only about 25,000 units. It expects demand to rise to nearly 30 lakh units by 2030, while organised supply could reach about 1 lakh units, lifting penetration from just above 1% to about 4%.
Money is following. More than Rs 13,000 crore of investment has been announced by developers and investors since 2025, which Colliers expects to be deployed over the next three to four years, adding close to 75,000 units. "India's organised senior living inventory is expected to quadruple over the next 3-4 years," said Badal Yagnik, chief executive officer and managing director of Colliers India.
Not every estimate is as large. A report by the Association of Senior Living India and JLL pegs the market at about $8 billion, or roughly Rs 69,400 crore, by 2030 under a policy-led scenario. And even on Colliers' numbers, organised projects would serve only a small fraction of demand by the end of the decade.
Developers Bring In Operators
The segment is moving from plain housing towards homes bundled with care and services, often through tie-ups with specialist operators. Colliers says the market is seeing a gradual shift from standalone developments to integrated living and care ecosystems.
Earlier this month, Kerala-based Season Two Living and RPS Group signed a memorandum of understanding to develop senior and active living communities across about 10 cities. The partners are targeting about 2,000 residential and operating keys, a potential development opportunity of nearly Rs 1,500 crore, with an initial focus on Goa, Delhi and Varanasi. RPS will handle land, project execution, capital, marketing and sales, while Season Two will run operations.
"We are beginning with Goa and Banaras because each offers a distinctive opportunity for senior living and active living," said Sajan Pillai, chairman of Season Two Living.
In Gurugram, Max Estates has set aside dedicated senior residences within Estate 360, its intergenerational project in Sector 36A on the Dwarka Expressway. It has appointed Max Group's senior care venture Antara to manage those residences and provide primary healthcare services.
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Beyond The Metros
Tier I cities hold most of the organised stock today, but Colliers expects 30-40% of new launches to come from Tier II and III cities and spiritual hubs. It names Coimbatore, Puducherry, Dehradun and Vadodara, as well as Tirupati, Vrindavan and Ayodhya, as emerging senior housing destinations, citing lower living costs, improving healthcare and a slower pace of life.
Policy is also helping in Haryana, where much of the latest activity is concentrated. The state cabinet has raised the permissible floor area ratio for retirement housing projects from 2.25 to 3.0 through transferable development rights, allowing developers to build more on the same land.
Whether the early sell-outs translate into a lasting asset class will depend on execution. Most of the new projects are years from delivery, and their success will hinge on the services residents receive long after the homes are sold.
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