Columbia Pacific Communities CEO Mohit Nirula and TVS Emerald President and CEO Sriram Iyer announcing a joint venture for a senior citizens residential project in Chennai.
Real estate developer Emerald Haven Realty Ltd. (TVS Emerald) has partnered with Columbia Pacific Group to unveil a residential project for senior citizens in Chennai.
“It is the first project of TVS Emerald into senior living space. Chennai and Bengaluru are the key markets to grow this vertical as there is sizeable senior population here with specific needs,” said Sriram Iyer, president and CEO, TVS Emerald.
According to him, this is a 50:50 joint venture with Columbia Pacific Communities (CPC). The project, coming up on a 21.7-acre plot in Thaiyur, would consist of about 250 homes with a mix of one and two bedroom configurations and option to create a three bedroom home.
CPC would provide senior living services to residents in a community to be jointly developed and built by TVS Emerald. The name, project cost and other details would be disclosed later, Mr. Iyer said.
“This is only a formal announcement. The project is planned for launch in 2024 and it would take 4-5 years for delivery from the launch date. The project has a revenue potential of ₹175 crore,” he said.
Mohit Nirula, chief executive officer, CPC, said this was the company’s third joint venture announcement in recent years and the 13th senior living community in the country and third in Chennai.
To a question, Mr. Nirula said: “The senior living segment in India is growing at a CAGR of 10% post the pandemic. About 70% projects are in Chennai.”
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