Senior living is emerging as a new asset class, which presents massive potential as studies show that, by 2050, one-fifth of the population in India will be 60 years and above. Currently, it comprises less than 1 per cent of the real estate market in India, as compared to 12 per cent in the US and 5-6 per cent in Australia. Experts are of the view that, over the next few years, there will be a growing demand for senior living properties, providing a stable market for those investing in these properties. “Senior living as an asset class is now at a nascent stage, even as there is huge potential in view of the existing fundamentals,” says Aditya Virwani, COO, Embassy group of realtors. “Going forward, there will be a growing demand for senior living assets, providing a stable market for those investing in these properties. Senior living properties often have long-term leases with stable tenants, which can provide a reliable income stream for investors. Besides, they often command rents higher than traditional housing properties, due to the specialised amenities and services they offer”. The group has entered the senior living space recently. In March this year, the Bengaluru-based developer has announced the launch its first senior living project in a joint venture with Columbia Pacific Communities (CPC), a part of Seattle-based Columbia Pacific Group, known for developing and operating senior living communities in the US and China. In India, CPC is the largest and the most preferred senior living community operator, with close to 1,750 residential units under management in five cities and 10 locations across south India. A joint development, the project will be managed by Columbia Pacific Communities and built by the Embassy group. Developed at Embassy Springs, an integrated township spread across 288 acres and one of Bengaluru’s biggest and best planned city, ‘Serene Amara by Columbia Pacific’ will comprise 239 exclusive residences on 17 floors, with best-in-class features and amenities to promote comfortable and healthy living for seniors. The combined investment for the project is R165 crore for 2.44 acres of senior living community space. High standards of quality Designed by Venkataramanan Associates, the world-renowned architects, the project will offer seniors in Bengaluru a community where they can lead healthier, happier, more secure, and better connected lives. A strong emphasis has been placed on high standards of quality, bespoke services, ample open spaces and greenery, and safety. Available in 1, 2, and 3-BHK configurations, the units are priced between R60 lakh and R1.48 crore, exclusive of statutory charges. “We are elated to launch our 11th senior living community in India and our first joint venture project with the Embassy group,” says Mohit Nirula, CEO, Columbia Pacific Communities. “With the group, we are confident that this community will not only provide a healthy and comfortable space for senior residents but will also help them lead a blissful life. With the two experts coming together, our aim is to develop world-class senior living communities in India, with fully serviced residences designed to international standards. At CPC, we create communities that promote positive ageing amongst seniors through community living, a focus on physical, mental, emotional and intellectual well-being and social engagement. Community living offers an enhanced lifestyle, security, safety and medical care for seniors, as well as peace of mind for their families,” Nirula adds. “We are proud to team up with Columbia Pacific Communities for our first project in the senior living sector, a new asset class for the Embassy group,” affirms Virwani. “Combining our expertise, strength and abilities to meet the requirements of this growing but vital segment, Serene Amara by Columbia Pacific will appeal to seniors with an appreciation for a healthier lifestyle and thriving community in the privacy of their own home.
-
Community living offers an enhanced lifestyle, security, safety and medical care for seniors
