Sameera and Vedaanta to Develop 1000 Senior Living Homes Across South India
Renowned real estate developer Sameera Group and Vedaanta Senior Living have signed an MOU to invest over Rs 500 Cr in senior living spaces across South India.
Senior LivingReal EstateSameera GroupVedaanta Senior LivingSouth IndiaReal Estate MumbaiMay 30, 2024
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.
Over the next five years, the investment will be made across multiple projects to build a million square feet of senior living facilities. This will create around 1000 senior living homes across South India, primarily in 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.
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.
The Indian senior living industry is expected to grow to a $12 Billion Industry from the current level of $ 3 Billion in the next 5 years.
Sameera Group is a renowned real estate developer with over four decades of experience in land development in South India. Vedaanta Senior Living is one of the country's fastest-growing senior care organizations, founded in 2015 with a vision to offer superior care and comfort to seniors at an affordable cost.
Frequently Asked Questions
What is the investment amount by Sameera and Vedaanta in senior living spaces?
Over Rs 500 Cr
How many senior living homes will be developed across South India?
Around 1000
What is the expected growth of the Indian senior living industry in the next 5 years?
From $ 3 Billion to $12 Billion
What kind of services will be provided in the senior living communities?
Nutritious food medical care security housekeeping services and more
What is the vision of Sameera Group and Vedaanta Senior Living through this joint venture?
To assist customers across South India in finding their perfect home contributing significantly to India's growth story
Related News Articles
Boosting Real Estate: Government May Offer Tax Benefits and Industry Status in Budget 2024
The government is considering tax incentives for homebuyers and industry status for the real estate sector in the upcoming Budget 2024. This move is expected to boost the sector's growth and development.
Indian Metros Experience Significant Surge in Property Prices in Q2 2024
Geetanjali Homestate's latest report reveals notable growth trends in average property prices across key markets in India, with Pune and Bangalore leading the way.
Unlocking Opportunities: Multiple Triggers Ahead for Affordable Housing Finance Companies
With the Union Budget around the corner, investor interest in Affordable Housing Finance Companies (AHFCs) is on the rise, driven by expectations of measures to boost the affordable housing market.
L&T Realty Partners with Valor Estate for INR 20,000 Crore Project in BKC
The development is expected to reshape the BKC skyline and contribute substantially to Mumbai's real estate landscape.
Nirmala Sitharaman Announces Relief for Real Estate Sector
The recent amendment to the long-term capital gains tax regime provides flexibility to property owners and ensures they are not adversely affected by the removal of the indexation benefit.
Harnessing Volatility to Build Wealth: Strategies for a Stable Financial Future
Discover how to leverage real estate investment trusts (REITs) and cash equivalents to create a steady income and build wealth, even in volatile markets.