· The company has plans to invest Rs.200 crore
The US-based Columbia Pacific is trail blazed to enter the rental model homes for seniors in the country through development of senior living communities. The firm plans to develop eight communities building a total of 2,000 homes in nine cities across the country by the end of 2025. The firm has plans to invest around Rs 200 crore to develop 2 million square feet of senior living projects in the country in two years. The CEO of the firm Mohit Nirula has maintained that the firm plans to add 800 to 1,000 senior living homes annually. Each project is expected to generate an income of Rs.150 crore to Rs.200 crore. Currently, the company has projects in Bangalore, Coimbatore, Chennai, Kancheepuram and Pondicherry. It plans to enter Pune by the end of this year.
“We will enter Mumbai, Hyderabad and Kolkata in the financial year 2024-25 and take up at least one new project in Bangalore. Also, we will start two projects in Chennai and one or two in Hyderabad,” said Nirula. As part of the development of senior living communities, residential apartments will be built specifically for senior citizens with amenities like wheelchairs, friendly doors, anti-skid flooring and care givers. Similar projects have already come up in Bangalore, Hyderabad, Chennai and Coimbatore. Nirula has gone on record saying the seniors can live independently in these communities and would not require anybody’s help to perform their daily chores. However, he explained that the company currently working on a new model called assisted living communities (or rental models), where seniors get assistance to perform their daily chores. Under the system, senior living apartments are rented on a monthly basis upon paying a deposit just like seniors rent standard residential apartments. Moreover, the CPC collects a percentage of the revenue from the developer as a management fee, he said. In areas like Bangalore, the rent of these will be between Rs.25,000 and Rs.30,00
