Synopsis

Primus Senior Living and HDFC Capital have launched a Rs 2,000 crore investment platform to develop senior living communities across six major Indian cities, marking what they describe as the country's largest institutional investment in the segment. The partnership aims to expand purpose-built, institutional-grade senior housing through ownership and rental models, targeting a rapidly growing elderly population while addressing the sector's limited supply of professionally managed communities.

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New Delhi: Primus Senior Living and HDFC Capital have partnered to create a Rs 2,000 crore platform to develop senior living communities across India, in what the companies said is the country's largest institutional investment platform for the sector.

The platform will develop institutional-grade senior living communities across six major cities through ownership and rental-led formats, with the aim of establishing senior living as a mainstream residential asset class.

“Primus is currently developing and operating senior living communities across India,” said Adarsh Narahari, founder and managing director at Primus Senior Living and Marzi. “We are witnessing strong demand from seniors seeking active, independent and community-oriented lifestyles. HDFC Capital brings deep expertise in housing, patient capital and a long-term approach to sector building.”

India's senior population is projected to reach 346 million by 2050, driving demand for quality senior living solutions. However, the sector remains significantly underserved. The platform aims to develop age-friendly communities focused on health, wellness, social engagement and independent living.

“The sector continues to face a shortage of long-term institutional capital for the development of purpose-built senior living communities despite favourable demographic trends,” said Vipul Roongta, CEO, HDFC Capital. “Through our partnership with Primus, we aim to build institutional-quality communities that support active ageing while establishing senior living as a scalable residential asset class in India.”

The investment is part of HDFC Capital's strategy to build professionally managed housing platforms across segments, with senior living joining affordable housing, student housing and industrial worker housing as key focus areas.

India's organised senior living sector remains underpenetrated, with penetration of about 1.3%, compared with around 6% in more mature global markets. Rising life expectancy, the growth of nuclear families and increasing mobility among younger generations are driving demand for professionally managed senior living communities.

Primus Senior Living operates communities in Bengaluru, Chennai, Hyderabad, Mumbai and Kolkata. It combines senior living residences with hospitality, preventive healthcare, wellness and community services for older adults. The company is backed by venture capital firm General Catalyst and entrepreneur Nikhil Kamath.

HDFC Capital, the real estate private equity arm of the HDFC Group and a subsidiary of HDFC Bank, manages more than $4.5 billion across Sebi-registered and IFSCA-registered Category II alternative investment funds focused on affordable and mid-income housing.