Embassy forays into senior living, partners Columbia Pacific Group
Real estate developer Embassy Group has partnered with Seattle-based Columbia Pacific Group to launch senior living projects.
“As a first step, Embassy Group and Columbia Pacific Communities will build a senior living project at Embassy Springs in north Bengaluru. The project will be taken up in phases with ₹400 crore in investment to create 400 units spread over four lakh square feet,” Aditya Virwani, COO, Embassy Group told.
“The senior living project will be a planned community living spread across 288 acres. The first-phase with 250 units will be launched by Q2 2021-22. The project will have units in one- and two-BHK formats with sizes ranging from 600 – 1,000 square feet RERA specified carpet area,” he added.
Embassy Group has plans to make senior living a mainstream concept and take it national. “The company is keen to serve this segment with a vision to expand to Chennai, Hyderabad and Mumbai with 900 units by 2023, scaling up to 3,000 units over the next 5-7 years,” said Virwani.
Over the next five years the partners are targeting investment of ₹1,000 crore to build 900 units spread over one million square feet. “Currently Embassy is waiting for the merger of India bulls Real Estate with the group companies and once after the merger is complete, we plan to take the concept to Mumbai and NCR,” he added.
Columbia Pacific Communities which pioneered the concept of community living for seniors across the world is already operational in India managing 1,600 units spread across nine projects in Bengaluru, Chennai, Kochi, Coimbatore and Puducherry. Mohit Nirula, CEO, Columbia Pacific Communities, said, “We are looking forward to the JV as it will take us to a multi-city in India.”