US-based Columbia Pacific group to develop 10th senior living housing project in India at Bengaluru

US-based Columbia Pacific group on Tuesday said it will develop a senior living residential project in the IT city at a cost of around Rs 80 crore.

Founded by Dan Baty, Columbia Pacific group has more than 40 years of experience in designing, building and managing senior housing communities globally.

The group firm Columbia Pacific Communities entered into senior living housing in India in 2017 with the acquisition of Tamil Nadu-based Serene Senior Care, which has nine such projects comprising 1,600 units across five southern cities.

"We are coming up with our 10th senior living project in India named 'The Virtuoso Club and Serviced Residences' in Bengaluru," Columbia Pacific Communities CEO Mohit Nirula told reporters here.

This is the first senior living project in India which the company is developing on its own, he added.

"We have bought over 2 acres of land in Bengaluru where we will develop 157 apartments. These housing units are within a price range of Rs 39 lakh to Rs 1.1 crore," Nirula said.

When asked about the project cost, he said it is around Rs 80 crore.

"For us, senior living is not real estate but hospitality and healthcare services. A?lot of thoughts and Columbia Pacific group's four decades of experience in senior living have gone into making India's first senior living community designed to international standards," Nirula said.

Commenting on the India launch for the group, Carsten Belanich, Lead - International Senior Housing Funds, said, "The senior population in India is expected to touch 173 million by 2026. There is an increasing need for a wholesome support system that takes care of physical, emotional and mental wellbeing of seniors."