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Bengaluru
Columbia Pacific Communities (CPC) and Embassy Group will jointly invest ₹165 crore to develop 2.44 acres of senior living community space in Bengaluru.
The project, which is a 50:50 joint venture between both companies, is expected to be completed by December 2026.
It is located at Embassy Springs, an integrated township spread across 288 acres, and will comprise 239 exclusive residences on 17 floors. The units are available in 1, 2, and 3-BHK configurations and are priced between ₹60 lakh and ₹1.48 crore, exclusive of statutory charges.
“We are ecstatic to launch our 11th senior living community in India and our group’s first joint venture project with Embassy Group, Serene Amara by Columbia Pacific. With the two experts coming together, our aim is to develop senior living communities in India with fully serviced residences designed to international standards,” said Mohit Nirula, CEO of Columbia Pacific Communities.
According to Nirula, the property offers amenities to ensure comfortable and healthy living for seniors, for which the owners will pay a monthly maintenance charge of ₹12,500. This is the second senior living project of CPC in Bengaluru.
Future plans
CPC has developed 10 properties across five cities: Bengaluru, Pondicherry, Chennai, Kanchipuram, and Coimbatore; all of them together constitute 1,750 homes with over 3,000 residents.
“In our next phase of expansion, we will be launching projects in Hyderabad, Pune, Chennai, Kolkata, and Ahmedabad with extremely credible partners; these will come in FY2023–24.” With regard to investment in the upcoming projects, Nirula told businessline that those would see investments in the range of around ₹150–200 crore, keeping in mind the cost of land.
As for exploring the market opportunity beyond tier-one cities, Nirula said “Though tier-2 cities have the potential demand, currently, we see the highest demand in tier-1 cities, and that is where we will be focusing right now.”
While CPC has already established itself in the segment, Embassy has made its debut in the senior living segment with the joint venture. “We are proud to team up with Columbia Pacific Communities for our first project in the senior living sector, a new asset class for Embassy Group,” Aditya Virwani COO Embassy Group.
“We see great gaps in the senior living housing segment, which is huge as presently senior living in India holds only one per cent market share of the total real estate market, and we see this as a big opportunity for us,” he added.
To establish itself in the segment, Virwani said, “We will continue to partner with CVC, and we have other assets in larger metros—Bengaluru and Mumbai—and would like to work with CPC.”
Both Nirula and Virwani said that a second phase of Serene Amara will be within the Embassy Spring township, “it would be a different project, slightly more premium, and depending on the success of this project, we will announce the second one.”
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