Bengaluru-based Primus Senior Living and HDFC Capital, a subsidiary of financial services firm HDFC Bank, have partnered to create a ₹2,000-crore rental housing platform for senior citizens, marking a significant shift in India's senior living real estate sector. According to a joint statement issued on Friday, this deal represents Primus's transition from its traditional build-and-sell model to a rental-led approach. Under the new platform, Primus will develop six properties across six cities—Bengaluru, Mumbai, Chennai, Hyderabad, Pune, and Delhi-NCR—along with projects where apartments are built and sold. The platform has been positioned as the largest institutional investment platform in India's senior living sector, with the goal of accelerating the development of institutional-grade senior living communities across key Indian cities and helping establish senior living as a mainstream asset class.
India's organized senior living market remains significantly underdeveloped at around 1.3%, compared to approximately 6% in the US and Australia. As reported by Business Standard, India's senior population is projected to reach 346 million by 2050, driving a significant increase in demand for quality senior living solutions. Despite this growing need, the sector remains substantially underserved. A joint report by JLL and the Association of Senior Living India predicts the sector will grow by 300% to reach $7.7 billion by 2030. Adarsh Narahari, founder and managing director of Primus Senior Living, emphasized strong demand from seniors seeking active, independent and community-oriented lifestyles, while noting HDFC Capital's expertise in housing, patient capital and long-term approach to sector building. The platform seeks to create age-friendly communities that promote health, wellness, social engagement and independent living for senior citizens.
According to Business Standard reports, each project under the new platform will feature one and two-bedroom, fully furnished apartments with amenities rented under different packages. Narahari confirmed that each project will have around 200 homes, with Primus owning and operating the developments. The projects will combine hospitality and residential elements, representing a shift from traditional senior living models to professionally managed communities. The platform will develop assets across six major Indian cities through ownership- and rental-led formats, offering flexibility and accessibility to seniors seeking convenience, independence and community living without the commitments of home ownership.
As reported by Business Standard, Vipul Roongta, CEO of HDFC Capital, highlighted the sector's continued shortage of long-term institutional capital despite favorable demographic trends. The investment builds on HDFC Capital's strategy of being present across the entire spectrum of housing, with senior living identified as a key focus area alongside student housing and industrial worker housing. Within HDFC Capital's strategy of building scalable and professionally managed housing platforms, senior living is a key focus area. Rising life expectancy, nuclear family structures, and greater geographic mobility among younger generations are driving demand for professionally managed senior living communities.
According to Business Standard reports, the investment builds on HDFC Capital's strategy to establish senior living as a scalable residential asset class in India. The move follows similar developments in the sector, with Prestige Group preparing to launch a premium senior living brand in April, identifying land parcels in Bengaluru for its first projects with an inaugural development likely in north Bengaluru. Unlike most developers, Prestige plans to develop and operate fully serviced homes on a rental model, creating a recurring income stream, while peers such as Brigade Group and Gopalan Enterprises have partnered with operators like Primus Senior Living to manage similar properties.
