Rustomjee Group evaluating senior living entry, sees potential for over 5,000 homes in MMR
Rustomjee Group is exploring a move into the senior living segment and estimates the Mumbai Metropolitan Region can support more than 5,000 senior living homes. Chairman Boman Irani said the developer is open to building independently or with a partner, though investment and project structures are n
Rustomjee Group is evaluating an entry into senior living and sees potential for more than 5,000 senior living homes across the Mumbai Metropolitan Region (MMR), chairman and managing director Boman Irani said. The group is open to developing the business independently or partnering with a specialist operator, but has not yet finalised the investment, project pipeline or partnership structure.
Irani, who is also chairman of CREDAI National, was speaking on the sidelines of CREDAI NATCON 2026 held in Kolkata. “Mumbai MMR has a possibility of doing 5,000-plus senior living homes. That gives me ample headroom,” he said. Unlike projects developed primarily as retirement destinations outside major cities, Irani expects demand for senior communities within Mumbai and its surrounding metropolitan region, as future senior homebuyers seek independent living while remaining close to existing family, friends and social networks.
India’s population aged 60 years and above is estimated at 166.9 million in 2026 and is projected to reach approximately 347 million by 2050, according to the Association of Senior Living India (ASLI). Despite this demographic base, the organised senior living sector had only around 25,050 units as of June 2026, translating into penetration of about 1.5%. The organised inventory grew at a compound annual growth rate of 14.2 per cent between 2024 and H1 2026, compared with 8.5 per cent during 2019-2023. An ASLI-JLL report expects organised supply to increase to approximately 74,000 units by 2030.
A separate estimate by Colliers projects that organised senior living inventory could reach around one lakh units by 2030, while demand could rise to nearly 30 lakh units. It expects the market to exceed ₹1 lakh crore by 2030, compared with around ₹30,000 crore currently. Colliers also expects real estate developers and investors to deploy more than ₹13,000 crore in senior living projects over the next three to four years.
Senior living has recently attracted greater interest from established real estate developers. DLF claimed to have sold all 172 residences at The Aureva, its luxury retirement living project in sector 63, Gurugram, generating sales of approximately ₹1,985 crore. Signature Global has also underwritten two residential towers to a senior living company for a senior housing project in sector 37D, Gurugram. Ashiana Housing is expecting senior living to account for a larger share of its sales; the segment contributed about ₹530 crore to bookings last year, representing slightly more than 20 per cent of overall bookings, and the company is targeting around ₹750 crore from senior living in the current year.
Assisted living accounts for less than 10 per cent of India’s organised senior living stock, compared with 24 to 29 per cent in more mature markets. India currently has only around 2,100 organised assisted-living beds, even as an estimated 8.8 million people live with dementia, and around 12.2 per cent of senior citizens are estimated to require supportive or palliative care, according to ASLI. In ownership-led senior communities, recurring monthly expenses can range from ₹30,000 to ₹60,000 in affordable projects to ₹1-2 lakh or more in premium developments.
Keystone Realtors, which develops and sells projects under the Rustomjee brand, recorded its highest quarterly pre-sales of ₹1,423 crore in Q2 FY27, up 84 per cent from ₹772 crore in Q2 FY26. Pre-sales during H1 FY27 increased 11 per cent year-on-year to ₹2,041 crore, representing around 41 per cent of the company’s full-year guidance. Collections stood at ₹541 crore in Q2 FY27, compared with ₹669 crore a year earlier. The company added two projects during H1 FY27, comprising 1.41 million sq ft of saleable area and estimated gross development value of ₹547 crore.
