Even though occurrence of depression in older adults is considered a major public health problem, very few Indian studies have made an attempt to study the mental health of elderly residing in institutionalized settings such as nursing homes and old age homes. The purpose of this study is to examine the presence and severity of depression and extent of negative attitudes about the future in institutionalized elderly in India. Data were collected by administering the Beck Depression Inventory (BDI) and Beck Hopelessness Scale (BHS) on residents of different old age homes across Delhi NCR (N = 21). Results revealed presence of mild depression and mild hopelessness in the institutionalized elderly. Further, a positive strong correlation was found between depression and hopelessness (Г = 0.83). Social and emotional losses associated with institutionalization are likely to lead to depressive responses in the elderly. The findings of the study draw attention to the neglected and apathetic conditions of institutionalized elderly, an imperative concern for the Indian society.