TVS Emerald, Columbia Pacific Group in pact to launch senior living project

CHENNAI: Emerald Haven Realty (TVS Emerald) and Columbia Pacific Group have announced a 50:50 joint venture to develop and operate a senior living residential project in Chennai, with a revenue potential of Rs 175 crore.

This project will be built on a plot of approximately 2.7 acres in Thaiyur and will consist of approximately 250 homes with a mix of one and two-bedroom configurations, with the option to combine the two types to create a three-bedroom home.

The project is planned for launch in 2024 and is likely to take 4-5 years for delivery from the launch date.

With the two established players joining hands, the project will see a revenue potential of approximately Rs 175 crore.

Sriram Iyer, president-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, CEO, Columbia Pacific Communities 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."

The senior living segment in India is valued at over $10 billion and is growing at a CAGR of 10%, post the pandemic. It is one of the fastest growing categories within real estate, as per a release.