NE BUSINESS BUREAU
CHENNAI, MAY 5
Emerald Haven Realty (TVS Emerald), a real estate developer, and Columbia Pacific Group on Wednesday announced a 50:50 joint venture to develop and run a senior living residential project in Chennai.
- Joint venture project has a revenue potential of approximately Rs 175 crore
- Leading real estate developer and established retirement housing player collaborate to meet the rising demand in the senior living segment in Tamil Nadu
- 50:50 joint venture to offer a hassle-free solution of world-class standard of senior living in Chennai
- The project will consist of approximately 250 homes built on a 2.7-acre plot in Thaiyur, Chennai
- TVS Emerald enters the asset class of senior living with this association; it will be the third senior living community of Columbia Pacific Communities in Chennai
The project has a revenue potential of approximately Rs 175 crore. It will be built on a plot of approximately 2.7 acres in Thaiyur and consist of 250 homes of one- and two-bedroom configurations, with the option to combine the two types.
The project, which will follow international standards, is planned to start in 2024 and may take four to five years for delivery.
“We are excited to partner with Columbia Pacific Group to create a world-class senior living community in Chennai. Chennai and Bangalore are key markets for us to grow this vertical as there is a sizable senior population here with specific needs,” said Sriram Iyer, TVS Emerald’s president and chief executive officer (CEO).
“Our goal with this project is to meet the rising demand in this space and provide residents of senior living communities with a range of amenities… This strategic partnership marks TVS Emerald’s foray into senior living, with ambitions to grow this vertical significantly in the future,” he said.
“This is our third JV announcement in recent years and the project in Chennai will be our 13th senior living community in the country and our third community in Chennai. The project came about due to a shared vision to expand in Tamil Nadu,” said Mohit Nirula, Chief Executive Officer, Columbia Pacific Communities said.
“The facilities (at the project) include a restaurant, a multi-purpose hall, senior-friendly gymnasium, indoor games, spa cum salon. In addition to these, the community will be fully-serviced with food, housekeeping, and 24-hour assistance and medical care,” he said.
The senior living segment, one of the fastest growing categories in Indian real estate, is valued at over $10 billion and is growing at a compound annual growth rate (CAGR) of 10 per cent.
