Rustomjee Group Eyes 5,000 Senior Living Homes in MMR

Rustomjee Group evaluates entering the senior living market, estimating potential for more than 5,000 homes across Mumbai Metropolitan Region as India’s ageing population drives demand for organised retirement communities.

Rustomjee Group is exploring an entry into the senior living segment, identifying potential to develop more than 5,000 homes across the Mumbai Metropolitan Region (MMR). Boman Irani, chairman and managing director of Rustomjee Group and Keystone Realtors, says the company is considering developing projects independently or collaborating with a specialist operator. The investment, project pipeline and partnership structure remain under evaluation. 

Speaking during an interaction on the sidelines of CREDAI NATCON 2026 in Kolkata, Irani highlights the opportunity to develop senior communities within Mumbai and its surrounding areas. He expects prospective residents to prioritise independent living while remaining close to family, friends and established social networks, rather than relocating to retirement destinations outside the city.

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India’s ageing population and changing family structures are expected to support demand for organised senior housing over the coming decades. According to the Association of Senior Living India (ASLI), the population aged 60 and above is estimated at 166.9 million in 2026 and is projected to reach approximately 347 million by 2050.

Despite this demographic shift, organised senior living supply remains limited. The sector records around 25,050 units as of June 2026, representing penetration of approximately 1.5%. An ASLI-JLL report projects organised supply to increase to nearly 74,000 units by 2030. Colliers separately estimates that inventory could reach one lakh units by the same year, while demand may rise to around 30 lakh units.

Established real estate developers are also increasing their participation. DLF  reports selling all 172 residences at its luxury retirement project, The Aureva, in Gurugram, generating sales of approximately ₹1,985 crore. Signature Global has also committed two residential towers to a senior living company for a project in Gurugram, while Ashiana Housing expects the segment to contribute a larger share of its bookings.

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Beyond residential development, the sector faces a shortage of assisted-living infrastructure. Assisted living accounts for less than 10% of India’s organised senior living stock, highlighting the need for healthcare access, emergency assistance, nutrition and community management alongside housing.

Rustomjee’s potential entry comes amid strong sales momentum at its parent developer, Keystone Realtors. The company records pre-sales of ₹1,423 crore in the second quarter of FY27, an 84% increase from ₹772 crore in the corresponding quarter a year earlier. Its exploration of senior living could broaden its residential portfolio as demand for specialised housing grows.