Emerald Haven Realty Ltd. (TVS Emerald), and Columbia Pacific Group have announced a 50:50 joint venture to develop and operate a senior living residential project in Chennai. This partnership brings to the residents the best from two of the most trusted names in the industry - Columbia Pacific Communities (CPC) will provide senior living services to the residents in a community jointly developed and built by the TVS Emerald and the Columbia Pacific Group.
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. This will be designed as per international standards to offer a complete solution to the needs of senior residents. The project is planned for launch in 2024 and may 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 INR 175 crores.
Speaking on the partnership, Sriram Iyer, President and CEO, TVS Emerald, said, “We are excited to partner with Columbia Pacific Group to create a world-class senior living community in Chennai. Chennai and Bangalore are key markets for us to grow this vertical as there is a sizeable senior population here with specific needs. Our goal with this project is to meet the rising demand in this space and provide residents of senior living communities with a range of amenities in a safe, secure and holistic living environment with an enhanced quality of life. This project is also testimony to the ability of our brand to meet the demand in this special segment of homebuyers and deliver an exceptional living experience. This strategic partnership marks TVS Emerald's foray into senior living, with ambitions to grow this vertical significantly in the future.”
Speaking on the new venture, Mohit Nirula, Chief Executive Officer, Columbia Pacific Communities said, “We are elated to announce the joint venture between TVS Emerald and Columbia Pacific Group. TVS decided to partner us for our 40+ years of experience and expertise in senior housing design, development and management. 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 community, designed to international standards, will feature a large common area and a range of senior living facilities and amenities. The common areas will allow for social interaction for residents.
