Well-being of the Indian elderly is presently a concern in the urban Indian society due to the gradual decline in the capacity of the family to serve as care-givers for their elderly members. Holistic improvement in the lives of the Indian elderly requires an understanding of the varied aspects which they perceive to influence their lives. The concept of perceived Quality of life (QoL) deals with an individual’s assessment of varied aspects influencing their well-being. Considering the role of social and economic backgrounds on the perception of QoL, this paper identifies the factors which the Indian elderly from varied backgrounds associate with their perceived QoL. Using interviews with 83 elderly residents of Kolkata, India, this paper identifies 58 factors for eight broad domains, which influence the perceived QoL of Indian elderly. The findings from the present research will help in the formulation of an index for measuring QoL, which can subsequently facilitate the preparation of policy guidelines for the improvement of QoL of elderly, especially the QoL of Indian elderly.