TVS Emerald, Columbia Pacific to set up senior living project in Chennai

Columbia Pacific Communities (CPC) has partnered with Emerald Haven Realty Ltd. (TVS Emerald) to develop a senior living project in Chennai, covering an area of 2.7 acres and generating an estimated revenue of Rs 175 crore. The joint venture will develop approximately 250 homes with a mix of one and two-bedroom configurations in Thaiyur, with the option to combine the two types to create a three-bedroom home. The project is expected to be launched in 2024 and will take around 4-5 years to complete.

CPC will be responsible for servicing and operating the apartments, while TVS Emerald will oversee development. The price range for each apartment is expected to be between Rs 40-80 lakhs. This will be TVS Emerald's first senior living project, while CPC has two other senior living communities in Chennai.

The senior living community will feature a range of amenities, including a restaurant, multi-purpose hall, senior-friendly gymnasium, indoor games, spa cum salon, and other facilities designed to international standards. The community will be fully serviced with food, housekeeping, and 24-hour medical assistance.

Sriram Iyer, president and CEO of TVS Emerald, commented that he is excited to partner with Columbia Pacific Group to create a world-class senior living community in Chennai. The project will meet the specific needs of the sizeable senior population in Chennai and Bangalore.

In March 2021, CPC and real estate developer Embassy Group announced a combined investment of Rs 165 crore in the launch of Serene Amara, a senior living project located in southern Bengaluru. This project, spread across an area of 2.44 acres, will house 239 apartments inside Embassy Spring township, which is approximately 288 acres.

According to reports, the senior living segment in India is valued at over $10 billion and is growing at a CAGR of 10 percent, post the pandemic.