NE BUSINESS BUREAU
BENGALURU, OCT 17
Embassy Group, India’s leading real estate developer, forays into a new asset class, senior living, to cater to senior citizens in the country. The current pandemic situation has furthered the necessity for self-sustained, safe and secure communities for all, especially for our seniors.
To bring in world-class expertise, Embassy Group has joined hands with Columbia Pacific Communities, for its first project in Bengaluru. Columbia Pacific Communities is part of the Seattle-based Columbia Pacific Group, which has over 40 years of experience in building, managing and operating senior living communities in USA, China, Canada, the UK, and India. Embassy Group along with Columbia Pacific Communities will create communities that offer the highest international standards in design, facilities and services par excellence to fulfil the aspirations for a peaceful and worry-free senior living.
India will be home to 500 million senior citizens by 2050. With limited supply from Grade A developers, there is an urgent need to cater to this segment with well-designed and fully serviced facilities.
Embassy Group and Columbia Pacific Communities’ first senior living project in India will be launched at Embassy Springs, Bengaluru’s biggest and best-planned self-sustained community in north Bengaluru, spread across 288 acres. The first phase, to be launched by the Q2 21-22, will have approximately 250 units in 1 and 2 BHK formats with unit sizes ranging from 600 – 1000 sq. ft RERA carpet area.
Embassy Group aims to make senior living a mainstream concept in India. The senior living facilities will be designed to meet international standards and offer the finest of amenities. In order to make residents live healthier for longer, the communities would offer a packed calendar of resident engagement events such as book readings, yoga and mindfulness sessions, drumming sessions, pottery and storytelling workshops etc. Besides senior friendly amenities and medical support, the communities will be fully serviced including food, housekeeping and 24-hour assistance.
The evolving lifestyle in urban centres has created a need for self-sufficient and socially engaged communities, where the superannuated can lead a healthy and content life. Embassy Developments is keen to serve this segment with a vision to expand to Chennai, Hyderabad and Mumbai with 900 units by 2023, scaling up to 3000 units over the next 5-7 years.
Commenting on the new business foray, Mr. Aditya Virwani, COO, Embassy Group said, “Our senior citizens seek a secure caring environment to live in independence without the pressures of maintaining a full-fledged home. With the current pandemic and uncertainty, we are striving all the more to make the later years for our seniors rewarding and fulfilling, by providing them an enhanced lifestyle and peace of mind for their families, which is truly priceless. In line with our vision of “Embassy Cares”, our senior living spaces are focussed upon building the entire ecosystem to meet their aspirations and safety needs. We are very excited to bring in this new asset class and seeing our first project to fruition along with Columbia Pacific Communities”
Columbia Pacific Communities has pioneered the concept of community living for seniors across the world and have already brought to the country its very first senior living community designed to international standards.
There has never been a more apt time than now for senior living communities. The post COVID world will see an increased demand for community living because it’s a community that stands by you in times of crisis. A senior living community is not only self-sustained but it also caters to the immediate needs of its residents including healthcare and other essentials, in a highly controlled and sanitized environment.
The joint venture with Embassy Group is a strategic collaboration to jointly bring world class senior living communities in India with fully serviced residences designed to international standards.”
Commenting on the JV with Embassy, Mohit Nirula, CEO, Columbia Pacific Communities, said, “We are entirely committed to building and nurturing communities for seniors, as we believe that community living, and social engagement is the strongest antidote to loneliness and a wonderful enabler of “positive ageing”. Residents can expect to find an environment that encourages them to remain physically fit, mentally alert and emotionally stimulated.
Furthermore, in an increasingly vulnerable world, Communities are the safest and the most secure places for seniors to live in. The appreciation of having a community stand with and behind you provides peace of mind to the residents and a sense of relief to their families. We are delighted to be able to create such an environment with a credible partner such as the Embassy Group as this association is to the ultimate benefit of our residents.”
Carsten Belanich, Lead, International Senior Housing, Columbia Pacific Management, Inc, said,” We’re excited about embarking on this venture with Embassy Group in Bangalore. Our companies’ strengths—across design, development, and operations—complement each other. The result will be an outstanding new option for seniors in Bangalore, providing world-class comfort, security and—most importantly—a truly vibrant community in which to live.”
The homes at these Senior Living Communities will initially be available for sale. However, given the growing interest in leased properties, short and long-term lease options can also be made available in the future. This will help the superannuated access amenities of choice, without huge upfront investments.
Reeza Sebastian, President, Residential Business, Embassy Group concluded, “Following the launch of our smart homes, Embassy Edge at Embassy Springs, we are delighted to introduce the Senior Living asset class to add to our offerings in North Bangalore. The silver lining at this unprecedented time, is realizing the value of a home and ensuring continuity of services through any disruption. Our Senior Living residences have been thoughtfully planned to bring in the added care and compassion to exceed all aspirations. Embassy’s quality and brand promise has brought about asset classes for all age groups from co-living for millennials, private residences, luxury homes, premium smart homes, and now senior living. With over three decades of delivering niche and curated products across all categories, it has always been our endeavour to go the extra mile and not only meet industry needs but also establish new benchmarks.”
