Real Estate developer Sameera Group on Saturday signed a Memorandum of Understanding (MoU) with Vedaanta Senior Living and together they will be coming up with senior living spaces catering to various budgets. The MoU entails investments to the tune of over Rs.500 crore. Over the next five years, they have chalked out plans to build around 1,000 senior living homes across South India.
The first project will come up in Kanchipuram. This will be a villa project with an option of 1 and 2 BHK (Bedroom, Hall, Kitchen). “Work will begin in the second half of 2024 and will be completed in 30 months,” said PB Anandapadmanabhan, the founder and mentor of Vedaanta Senior Living. The units will be priced between Rs. 65 lakh to Rs. 85 lakh, Rahul Sabharwal, Co-founder and Director, Vedaanta Senior Living said.
“Our biggest strength is acquiring land for projects and Vedaanta has expertise in senior living and this combination worked well. The collaboration aims to create high-quality senior living communities that cater to the growing needs of the elderly population in South India,” said R. Jayakumar, Chief Executive Officer of Sameera Group said. He added that there is a trend now where developers are earmarking space within their projects for senior living.
Both Mr. Sabharwal and Mr. Anandapadmanabhan also explained how senior living is changing and what kind of amenities are being provided. “From building a network of doctors, guiding senior citizens on insurance, providing fitness and Ayurveda facilities within the premises and even setting up mini theatres, a lot of effort is going into this segment,” the duo said.
