Emerald Haven Realty (TVS Emerald), the real estate arm of TVS Motor Company, today announced its foray into the senior living real estate segment. The real estate developer has entered into a 50-50 joint venture with Bengaluru-based Columbia Pacific Group to develop a 250-home senior living residential project in Thaiyur near Chennai.
As per the partnership, Columbia Pacific Communities will provide senior living services to the residents in a community that will be jointly developed and built by TVS Emerald and the Columbia Pacific Group.
Addressing the media, Sriram Iyer, President and CEO, TVS Emerald, said the company forayed into senior living segment considering the huge growth opportunities in this vertical. “Chennai and Bengaluru are key markets for us to grow this vertical as there is a sizeable senior population here with specific needs,” he said.
Planned for launch next year
The project is planned for launch in 2024 and is likely to take 4-5 years for delivery from the launch date. “The project has a revenue potential of about ₹175 crore,” Iyer added.
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 one in Chennai.”
Earlier this year, Columbia Pacific Communities announced a 50:50 JV with Embassy Group to develop a ₹165- crore senior living community in Bengaluru. Prior to that, Columbia Pacific Communities also entered into a 50:50 JV with Nyati group to develop a ₹150-crore senior living housing project in Pune.