Impact Senior Living Estates (Pvt) Ltd (ISLE), a part of Impact Group has plans to develop a comprehensive service enabled residential community designed for people aged over 55 in Amritsar (Punjab), Solan (Himachal Pradesh), Chandigarh region and NCR.
The company is likely to inject Rs300 crore in the next five years in developing these projects at various locations. So, far the funding is concerned it would be through internal accruals, banks loans and customers funding.
Speaking to Business Standard, Impact Group Chairman Harpal Singh said, “The first project of the 50 dwelling units is now under construction in Amritsar and will be ready for possession within 18 months. It is a five acre community-in-community concept integrated functionally with a larger premium-Impact Gardens spread over 50 acres. Service delivery at ISLE will be provided from a centralised platform and delivered by staff trained in hospitality and the specific needs of the senior citizens.”
On being asked about the Amritsar property, he added, “It has a distinctive model for long term-living at the facility wherein residents enter into a ‘licence agreement’ for the use of a home apartment. Various sizes of service apartments including a studio, one, two and three bedroom units would be available with multiple payment options involving club membership, meals etc. In the first phase the company will spend Rs50 crore and the facility is likely to be operational by April 2012.”
“Depending upon the response, we have plans to set up 300 dwelling units, with a total project cost of Rs170 crore including the first phase and the second phase in Amritsar. Further, we are planning to set up similar kinds of facilities across the country in suburban regions, religious hubs, hill stations and coastal areas,” he added.
Impact projects has also entered into the two FDI joint venture projects in Amritsar, aggregating an outlay of Rs1,800 crore. Under the first joint venture 88 villas with group housing, commercial and recreational areas are being developed. Under the second venture, the Impact Projects has acquired a 100 acre land in Amritsar. This will be developed as a mixed use mega project as joint venture with SARE a foreign equity fund company, which will include residential plots, built-up villas, group housing, commercial area, hotel school, institutional and recreational centre.