Director of Columbia Pacific Communities, which is a US based senior living community operator plans to invest of around 200 crores to expand its market in India in four States – Pune, Hyderabad, Kottayam and Kochi in the financial year 2025. Basically, Projects are built for older people with facilitating luxury apartments providing service of wheelchairs with friendly doors for wheelchairs, anti -skid floor and assistance care.
Sivakumar said, “In Kerala, we are doing four projects, currently in the process of finalizing the land parcels and design in two of the projects. In case, we are partnering with Asset Homes where the developer will develop the project and be serviced by us”.
In a Report by JLL (Jones Lang Lasalle – provider of real estate and investment management) India stated that the average premium of regular residential amount would have an increase of about 10% to 15% due to the amenities and services provided to the senior citizens. The company would not raise funds to complete their project but it would go for equity investment worth 50 crore each project. Also, for the first time, the company is planning to rent the senior living apartments in India.
Sivakumar said, “In Hyderabad, we are scouting for new developers and in Pune, CPC has partnered with Nyati Group. For Pune, we have already acquired the land in Undri and further development is ongoing”.
Sivakumar also added, “In this model, the developer will build the assets and sell them. However, we will provide the designs and market them. Most of the upcoming projects in Kerala will be free based, while the others will be joint ventures”.
The company is also looking for the lands in Mumbai and near Bengaluru. The company plans to set 300 senior living units in FY25 and again later add 1,200 units. We will get to see the projects in states like – Bengaluru, Hyderabad, Chennai and Coimbatore. The senior living projects sets the target to grow $30 billion by 2030. The major companies taking part includes, Vedaanta, Ashiana, Paranjape, Primus and Antara.
Author: Anushka Jaiswal
Anushka Jaiswal is pursuing a degree in journalism and Mass Communication. I am more interested in listening to the podcast rather than reading books. My hobbies include listening to music, journaling philosophical thoughts. From my school days I have taken a keen interest in debate competitions whether it is English or Hindi. I am not much indulged in the sports but I remain active in some of the co curricular activities like cycling, swimming, running, jogging and the like.
