R ARIVANANTHAM
CHENNAI, MAY 27
One of the leading real estate developers in Tamil Nadu and neighbouring Karnataka, the Sameera Group on Saturday signed a Memorandum of Understanding (MoU) with Bengaluru-based Vedaanta Senior Living in Chennai to infuse investment of Rs 500 crore over a period of five years.
Vedaanta and Sameera Group will be coming up with senior living spaces catering to various budgets priced from Rs 65 lakh to 85 lakh.
- The MoU will pave way for investments to the tune of over Rs 500 crore over five years in Chennai project
- Vedaanta and Sameera Group will be coming up with senior living spaces catering to various budgets priced from Rs 65 lakh to 85 lakh
- Their first project will come up in Kanchipuram. This will be a villa project with an option of 1 and 2 BHK (Bedroom, Hall, Kitchen)
Both the entities have chalked out plans to build around 1,000 senior living homes in Tier-I, Tier-II and Tier-III cities across the Southern states.
Their first project will come up in Kanchipuram. This will be a villa project with an option of 1 and 2 BHK (Bedroom, Hall, Kitchen).
“We will start construction of villas during second half of 2024 which will be completed in 30 months,” said PB Anandapadmanabhan, the founder of Vedaanta Senior Living, which has ongoing projects in Coimbatore, Bengaluru, Hosur, Kochi and Guruvayoor.
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Vedaanta has expertise in senior living and this collaboration is aiming to create high-quality senior living communities that cater to the growing needs of the elderly population in South India, said R. Jayakumar, Chief Executive Officer of Sameera Group which has the large chunk of over 3000 acres of land bank across Tamil Nadu and Bengaluru.
Addressing a after exchanging the MoU in front of media personnel, Sabharwal and Anandapadmanabhan also explained how senior living eco-system is changing and what kind of amenities are being provided to fulfill the aged people’s dream of independent living.
