Columbia Pacific Group to expand senior living biz in India, forms JV to develop project in Pune
Columbia Pacific Group to invest about 150 crore in tie-up with Nyati group, to develop senior living housing projects
Columbia Pacific Group ties up with Nyati group in PuneColumbia Pacific Group ties up with Nyati group in Pune
US-based Columbia Pacific group has tied with Nyati group to develop senior living housing projects and will build the first project jointly in Pune at Rs 150 crore investment to tap the expected rise in demand for such properties post COVID-19, a top company official has said.
Columbia Pacific Communities, which is part of Seattle-based Columbia Pacific Management, 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, while the tenth one being constructed in Bengaluru.
In an interview with PTI, Columbia Pacific Communities CEO Mohit Nirula said the company is bullish in growth prospect of senior living housing segment in India and is targeting to add four new projects every year.
“We have formed a 50:50 joint venture with Pune-based Nyati group to develop senior living projects. The first project of this JV will come up in a 200-acre township,” he told PTI.
The JV would build around 200 housing units on a 2 acre land parcel within the township. The construction is expected to start next year after taking necessary approvals from regulator RERA and other government departments.
The price of an apartment will be between Rs 50 lakh and 80 lakh.
Besides senior friendly amenities and medical support, the project will be fully serviced including food, housekeeping and 24-hour assistance.
Asked about investment, Nirula said the project cost is estimated to be around Rs 150 crore.
The joint venture is in the process of identifying other land parcels as well to develop senior living projects, he said.
Nirula said the demand for ready-to-move-in units in senior living housing projects has increased after the outbreak of coronavirus disease.
People want to buy or rent flats in senior living projects because of safety and security aspect as well as other services, he added.
“We believe that community living and social engagement is the strongest antidote to loneliness and a wonderful enabler of positive ageing,” Nirula said.
Property consultant Anarock Chairman Anuj Puri said the demand for retirement homes and assisted living facilities will rise for both rental and ownsership purposes.
“COVID-19 and its inherent dangers to the elderly have brought into sharp focus the importance of dedicated and protected facilities aimed specifically at the needs to seniors,” he said.
Recently, Anarock came out with a report on senior living that suggested most of the projects are located in south India and tier II cities. It mentioned that India’s aged population (>60 years) is expected to touch nearly 17.3 crore by 2026.
Apart from Columbia Pacific, Ashiana Housing, Brigade Enterprises, Paranjpe Schemes, Tata Housing and Max India Ltd’s Antara Senior Living are major players in this segment.
Columbia Pacific Communities is currently operating about 1,600 residential units in 5 cities and 9 locations across south India. It has four senior living projects in Coimbatore, two in Chennai and one each in Bengaluru, Kanchipuram and Puducherry.
Founded by Dan Baty, Columbia Pacific group has more than 40 years of experience in designing, building and managing senior housing communities globally.
Columbia Pacific Management oversees international healthcare business, and develops as well as operates hospitals, clinics and senior housing.
Columbia Pacific group has 11 hospitals in India under the brand ‘Columbia Asia Hospitals’ having more than 1,000 beds.
Source URL: https://www.timesnownews.com/pune/article/columbia-pacific-group-to-expand-senior-living-biz-in-india-forms-jv-to-develop-project-in-pune/641824