TVS Emerald and Columbia Pacific Group will develop and operate a senior living residential project in Chennai in a 50:50 joint venture (JV). Spread across 2.7 acre in Thaiyur, the project will have 250 units with 1 and 2 BHK apartments.
The project is planned to be launched in 2024 and may take four to five years from the launch date for delivery.
Sriram Iyer, president and CEO, TVS Emerald, said, “Chennai and Bangalore are key markets for us to grow this vertical as there is a sizeable senior population here with specific needs. This strategic partnership marks TVS Emerald’s foray into senior living, with ambitions to grow this vertical significantly in the future.”
Mohit Nirula, chief executive officer, Columbia Pacific Communities, said, “The project in Chennai will be our 13th senior living community in the country and our third community in Chennai. The community, designed to international standards, will feature a large common area and a range of senior living facilities and amenities.
The senior living segment in India is valued at over $10 billion and is growing at a CAGR of 10%, post the pandemic.
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