Embassy Group has partnered with U.S.-based Columbia Pacific Communities to foray into the senior living housing segment, and together they will invest Rs 1,000 crore ($139 million) over the next four years to develop multiple projects for the elderly across various cities in the country.
The joint venture is a 50-50 partnership to develop 900 units, covering 1 million square feet of space by 2024. India will be home to 500 million senior citizens by 2050.
“We at Embassy are always bullish on residential sector, and senior living is going to be a big part of Indian residential segment. Senior living is at a very nascent stage. No developer is doing at a very big scale,” said Aditya Virwani, Embassy Group COO.
The first project will consist of 400 units in phases.
Columbia Pacific Communities entered into senior living housing in India in 2017 with the acquisition of Tamil Nadu–based Serene Senior Care. At present, it has nine senior living projects,
