Serene Communities, which is the senior living platform of Columbia Pacific Communities, has declared a plan to invest 3, 000 crore for the construction of 2.5 million sq ft senior homes through 13 projects in Bengaluru, Chennai, Mysuru, Kochi, Hyderabad, and Pune. According to Rajagopal G, Director and Group CEO, Serene Communities, apartments will be available for sale at a price range of 70 lakh to 1.5 crore.
Major features of the expansion:
- Partnership with Embassy Group and Gardencity Developers in Bengaluru.
- Signing of a total of four MoUs: One with Prathima Developers in Hyderabad and another with Cybercity in Pune.
- Each project will consist of around 150, 250 apartments with most of the units catering to 2, 3 BHK (1, 000, 1, 250 sq ft) flats.
- About 60% are single high, rise buildings, and the remaining 40% are a part of large townships.
Rajagopal said, “For Bengaluru, we are partnering up with Embassy Group and Gardencity Developers. For Hyderabad, we have already signed up four MoUs with Prathima Developers, and Cybercity for Pune,”as per insights shared with Hindustan Times.
The expansion will be driven through a combination of organic growth and strategic partnerships with local developers to scale wellness-led senior living communities across urban and emerging hubs. He added, “The expansion will be driven through a mix of organic growth and strategic partnerships with local developers to scale wellness-led senior living communities across urban and emerging hubs.”
Bengaluru, Hyderabad, Pune, and Chennai will together make up around 60% of the 2, 600 units in different stages of construction. These flats will probably be ready for handing over in the next two to three years.
Assisted living rental model:
- First facility in south Bengaluru’s Electronic City with 104 beds.
- Monthly rent: ₹50,000–75,000 for a 1BHK, including medical facilities and care.
- Managed by Serene Communities; medical care provided by Kites Senior Care.
Rajagopal explained, “Senior living is designed for active, independent older adults who seek a community-oriented lifestyle with amenities such as social spaces, wellness facilities, and security, but minimal medical or personal assistance. Assisted senior living, on the other hand, caters to seniors who require help with daily activities, including meals, housekeeping, medication management, 24/7 staff assistance, and emergency response systems.”
He also said, “We have invested over ₹60 crore to set up the facility so far.”
The company also plans to enter Mumbai and other cities and exploring New Mumbai, especially Vashi–Panvel belt, and Thane for new projects.
Land prices in the past have been a major obstacle to the growth of Mumbai, but now there are opportunities arising in the vicinity of the new airport and other relatively cheap areas.
Rajagopal noted, “Entering Mumbai through the right development partner is crucial. At this stage, New Mumbai, particularly the Vashi–Panvel belt, and Thane are the two regions we are seriously evaluating.”
He also pointed out that even though the biggest demand for senior living is currently in India's tier 1 cities, tier 2 cities such as Coimbatore are also showing a steady interest.
According to a JLL report, India's senior living sector is about to undergo a major transformation as the penetration rate is only 1.3%, which indicates huge, unused potential. This figure is far behind the ones in mature markets such as the United States and Australia, where penetration is over 6%, therefore, India has a tremendous opportunity for growth and innovation.
It is anticipated that by 2030, the market for the target segment will double from 1.57 million households in 2024 to 2.3 million households. Elders nowadays are independent, have enough money, are aware of the world, and they actively participate in society, hence they are redefining retirement. Even if senior living inventory is projected to increase twofold by 2030, raising penetration to 2.5%, the gap between demand and supply will still persistthis gap thus may be viewed as the key to a thriving future.
There are already more than 20, 000 senior living units across the country, with the southern part of India dominating the market at 60% share. The industry provides a wide range of locations and types of accommodations in India, specific solutions, including from independent and assisted living to memory care and Continuing Care Retirement Communities which combine wellness, healthcare, and community living. At a projected CAGR of 27%, the developers and investors will not only meet the supply and demand mismatch but also build a sustainable and inclusive ecosystem that improves the lives of the aging population in India and brings them value over the long run.
Through this investment of 3, 000 crore, Serene Communities has set a goal to provide senior citizens with an array of independent and assisted living options that integrate top, notch facilities, healthcare, and a community focused lifestyle. This move makes the company one of the major players in India's senior housing market, which is expanding rapidly and covers both the urban and emerging city segments.
Image- serenecommunities.in/
