US-based Signature Senior Living to build old age homes Serene Retirement Communities for Indians in joint venture with Covai Properties
US-based Signature Senior Living has formed a joint venture with Coimbatore-based Covai Properties to foray into the old-age care market in India, where the concept is still mostly seen as contradictory to traditional values. The venture, Serene Retirement Communities, will adopt techniques and methods that Signature uses in America.
As a start, Signature is investing $2.5 million (about Rs 14 crore) to build an old-age care facility in Chennai with about 50 units that will be ready for occupation by this year-end. It has asked NYSE-listed National Health Investors (NHI), a real estate investment trust with a focus on senior care homes, to carry out detailed analysis of the Indian market. Based on the findings, Signature and NHI will invest $50 million in Serene and take it to different cities across India, including Bangalore, Hyderabad and Coimbatore, where it already owns land.
Covai Properties, which earns revenues of about Rs 90 crore a year from its existing senior housing projects, is providing the land. Details about other financial terms are still being worked on. More details here
Thank you for sharing this post. I found it very informative and helpful. It is so important that we take care of our loved ones when they get older. I have been looking into senior living communitites for my grandmother. I want to find a place where she is comfortable and close to home.
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