TVS Emerald, Columbia Pacific to develop senior living project in Chennai

Real estate developer Emerald Haven Realty Ltd (TVS Emerald) has partnered with senior citizen living community operator Columbia Pacific Group to develop and operate a senior living residential project in the city, company officials said on Wednesday.

The project would consist of approximately 250 homes built on a 2.7-acre plot in Thaiyur in neighbouring Chengalpet district.

"This is a 50:50 joint venture. We bring the development skills and they are bringing senior living expertise," TVS Emerald president and chief executive officer Sriram Iyer told reporters.

According to company officials quoted in a joint statement, the senior living segment in the country is valued at about USD 10 billion and it is growing at a compounded annual growth rate (CAGR) of 10 per cent post the covid-19 pandemic.

The project would be designed as per international standards to offer complete solutions to the needs of senior citizens, Iyer said.

The launch of the project is planned in 2024 and it would take 4-5 years to complete, he added.

Columbia Pacific Communities chief executive officer Mohit Nirula said, "This is our third joint venture 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 community would feature a large common area and a range of senior living facilities and amenities, he said.

The common areas would allow for social interaction among residents. The facilities include a restaurant, a multi-purpose hall and a senior-friendly gymnasium among others, he added.