Sameera And Vedaanta To Build 1000 Senior Living Homes At An Investment Of Rs 500 Crores In Tamil Nadu And Karnataka Across Multiple Projects
Over the next five years, the investment will be made across multiple projects to build a million square feet of senior living facilities.
Renowned real estate developer Sameera Group and Vedaanta Senior Living, one of the country's fastest-growing senior care organizations, signed a Memorandum of Understanding (MOU) in Chennai on May 25, 2024, to invest over 500 Cr. in senior living spaces.
This will be invested over 5 years to create around 1000 senior living homes across South India. This strategic partnership brings together Sameera's extensive experience in land development and Vedaanta's deep understanding of the senior care industry. The collaboration aims to create high-quality senior living communities that cater to the growing needs of the elderly population in South India.
The Senior Living Industry is poised to grow to a $12 Billion Industry from the current level of $ 3 Billion in the next 5 years.
Sameera Lands & Constructions has been a cornerstone in the real estate industry in South India for over four decades. Headquartered in Chennai, the company has completed more than 45 real estate projects in Tamil Nadu and distributed over 10 million square feet of land with over 1 lakh satisfied customers.
Aside from Land development, Sameera is also into education and hospitality sectors through their partnership with Fitjee Global School and GRT group of hotels. Through this new joint venture, they also enter into the senior living space. The company's vision is to assist customers across South India in finding their perfect home, contributing significantly to India's growth story.
Vedaanta Senior Living was founded in 2015 with a vision to offer superior care and comfort to seniors at an affordable cost. In just six years, Vedaanta has become one of the fastest-growing companies in the senior living sector, with more than six communities under its belt.
Vedaanta currently has projects in Coimbatore, Chennai, Hosur, Bangalore, Cochin, Guruvayur. Projects are under development in Trivandrum, Kottayam, Hyderabad & Trichy.
Through this MOU, senior living communities are expected to be developed in various tier 1 and tier 2 cities such as Chennai, Bangalore, Vellore, Kanchipuram, and many more.
The first project through this MOU is proposed at Kanchipuram, a 60-acres township. This will be a villa project with 1 and 2 BHK villa options.
Independent living retirement communities are becoming increasingly popular and sought after in the current times. Cities like Chennai and Bangalore are experiencing a huge demand for such units. These communities will typically cover all aspects of services for seniors such as nutritious food, medical care, security, housekeeping services, and so on within the premises so that seniors can live a hassle-free life.
India's population is aging rapidly, and the demand for senior living solutions is expected to grow exponentially in the coming years. This joint venture between Sameera and Vedaanta is well-positioned to address this growing demand by providing high-quality, affordable senior living options across South India.
