Embassy Group Invests 1,000 Cr in Senior Living

Bengaluru-based Embassy Group has forayed into the senior living space along with American firm Columbia Pacific Group, and will invest over Rs 1,000 crore into projects that are expected to come up in Bengaluru, Chennai and Mumbai, among others, within three to five years, the company said. The first phase of the Bengaluru project is expected to be launched by the second quarter of 2021. Both companies have formed an equal joint venture for the project to come up at Embassy Springs, in north Bengaluru, spread across 288 acres. The combined investment for the two phases of the Bengaluru project is Rs 400 crore for 0.4 million sq ft of housing space. This would comprise 400 units. In the first phase, the homes will be from 700-1000 sq ft and will be priced between Rs 45 lakh and Rs 70 lakh. The second phase will comprise premium homes. Construction of the first phase is likely to begin in Q2 2021 after securing all regulatory approvals, according to the Embassy group. The entire roadmap is for 1 million sq ft of housing, comprising 900 units. An amount of over Rs 1,000 crore would be invested for the senior living projects to come up in the southern metros of Bengaluru, Chennai and Hyderabad, along with financial capital Mumbai, within three to five years. It may also potentially target Tier 2 cities in the same time span, the company said. The homes at these 'Senior Living Communities' will initially be available for sale. However, given the growing interest in leased properties, short- and long-term lease options can also be made available in the future. This will help seniors access their amenities of choice without huge upfront investments.